2. Mina Corporation adopted the dollar-value LIFO method of inventory valuation

Question

2. Mina Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2010. Its inventory at that date was $100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:

                                        Inventory at                      Current

Date                 Current Prices                   Price Index    

            December 31, 2010           $    180,000                                   100

December 31, 2011                 187,000                                   110

            December 31, 2012                 238,000                                   119

            December 31, 2013                 249,600                                   128

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