1-In your audit of Morgan Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $445,530 was on hand at that date. You also discover the following items were all excluded from the $445,530.

1.		Merchandise of $55,190 which is held by Morgan on consignment. The consignor is the Max Suzuki Company.
2.		Merchandise costing $40,830 which was shipped by Morgan f.o.b. destination to a customer on December 31, 2017. The customer was expected to receive the merchandise on January 6, 2018.
3.		Merchandise costing $48,740 which was shipped by Morgan f.o.b. shipping point to a customer on December 29, 2017. The customer was scheduled to receive the merchandise on January 2, 2018.
4.		Merchandise costing $75,050 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Morgan on January 4, 2018.
5.		Merchandise costing $49,450 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Morgan on January 5, 2018.

Based on the above information, calculate the amount that should appear on Morgans balance sheet at December 31, 2017, for inventory.

Inventory as on December 31, 2017

2- Pina Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Pinas records.

Price Index		Ending Inventory at Base Prices		Ending Inventory at Dollar-Value LIFO
December 31, 2017		105		$92,490		$85,600
December 31, 2018		?		97,490		91,200

Calculate the index used for 2018 that yielded the above results.

Index used for 2018