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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