Tate Company Adopted the Dollar-Value LIFO Method on January 1

question 81

Multiple Choice

Tate Company adopted the dollar-value LIFO method on January 1, 2007, at which time its inventory consisted of 6,000 units of Item A @ $5.00 each and 3,000 units of Item B @ $16.00 each.The inventory at December 31, 2007 consisted of 12,000 units of Item A and 7,000 units of Item B.The most recent actual purchases related to these items were as follows: $\begin{array}{rlrr}&& \text {Quantity }\\ \text { Items }& \text { Purchase Date}& \text { Purchased}& \text {Cost Per Unit }\\\mathrm{A} & 12 / 7 / 07 & 2,000 & \$ 6.00 \\\mathrm{~A} & 12 / 11 / 07 & 10,000 & 5.75 \\\mathrm{~B} & 12 / 15 / 07 & 10,000 & 17.00\end{array}$ Using the double-extension method, what is the price index for 2007 that should be computed by Tate Company?

• A)108.33%
• B)109.59%
• C)111.05%
• D)220.51%

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Definitions:

Plant Foods

Edible parts of plants, including fruits, vegetables, grains, nuts, and seeds, that are consumed by humans and other herbivores.

Detritus-Feeders

Organisms that feed on dead organic material, contributing to decomposition and nutrient cycling.

Fungi

Eukaryotic saprotrophic decomposer; the body is made up of filaments called hyphae that form a mass called a mycelium.

Bacteria

Microscopic, single-celled organisms found in nearly every environment on Earth, some of which are beneficial while others can cause diseases.