23) Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $ 550,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:
Date Inventory at
Current Prices Current
Price Index
December 31, 2014 $ 642,000
107
December 31, 2015 725,000 125
December 31, 2016 812,500 130