The following table provides the prices of a good over three consecutive years. 
a.Compute the simple price index for 2010 using 2009 as the base year.
b.If the base year is changed to 2010,compute the simple price index for 2011.
Definitions:
Inventory Accounting
The process of valuing and tracking physical stock and its cost flow from purchase to sale, used to determine cost of goods sold and inventory balance.
FOB Destination
A shipping term indicating that the seller bears the freight charges and retains ownership of goods in transit until they are delivered to the buyer.
FOB Shipping Point
A term used in shipping agreements indicating that the buyer takes ownership and responsibility for goods at the moment they are shipped.
Specific Identification Method
An inventory costing method where each item in inventory is individually identified and valued, suitable for unique or expensive items.
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