Michael Jones Company Has Adopted the Dollar-Value LIFO Method in 2018

question 51

Multiple Choice

Michael Jones Company has adopted the dollar-value LIFO method in 2018. At December 31, 2018, the ending inventory at dollar-value LIFO is $103,000, with a price index of 1.00. At December 31, 2019, the ending inventory using FIFO is $125,000. The price index is 1.3 in 2019. Round all dollar amounts to the nearest dollar. What is the ending inventory using dollar-value LIFO at December 31, 2019?

• A) $103,000
• B) $199,154
• C) $96,154
• D) $125,000

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Definitions:

Treatment

A systematic procedure designed to help change abnormal behavior into more normal behavior. Also called therapy.

Self-fulfilling Prophecy

A prediction that directly or indirectly causes itself to become true due to positive feedback between belief and behavior.

Multiaxial Diagnosis

A classification scheme used in the Diagnostic and Statistical Manual of Mental Disorders (DSM) that assesses different aspects of an individual's health or disorder across multiple axes or domains.

Uniformity Myth

The belief that all members of a group are the same, ignoring individual differences.