In 2016,Richard's Department Store Changes Its Inventory Method from FIFO

question 38

Multiple Choice

In 2016,Richard's Department Store changes its inventory method from FIFO to LIFO.Richard's uses the simplified LIFO method.Richard's year-end inventory under FIFO is as follows: 2015 - $300,000;2016 - $350,000.The 2015 price index is 110% and the 2016 index is 120%.The 2016 layer is

• A)$19,097.
• B)$20,833.
• C)$22,727.
• D)$50,000.

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Definitions:

Early Childhood

A development period from birth to the age of 8 years, which is fundamental for cognitive, social, emotional, and physical development.

Biological Factors

refer to the physiological and genetic influences that impact an individual's health, behavior, and personality.

External Factors

Influences that originate outside an individual or system that can affect behavior, decisions, or outcomes within.

Genetics

The examination of genetic inheritance and the differences in traits passed down through generations.