In 2018, Richard's Department Store Changes Its Inventory Method from FIFO

question 236

Multiple Choice

In 2018, 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: 2017 - $300,000; 2018 - $350,000. The 2017 price index is 110% and the 2018 index is 120%. The 2018 ending inventory after adopting the LIFO method is

• A) $381,818.
• B) $320,833.
• C) $322,727.
• D) $350,000.

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Definitions:

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A term used in software engineering to refer to a collection of elements that function as a single unit within a larger system.

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A set of instructions or a script that automates repetitive tasks, often used in software applications to enhance efficiency.

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