(b1) Calculate the price index for 2025. Assume that the December 2, 2025, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 4 decimal places, e.g. 2.7653.) Price index (b2) 1.5 Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2025, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to O decimal places, e.g. 2,760.) Ending inventory at dollar-value LIFO $

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.