Carr CoAdopted the Dollar-Value LIFO Inventory Method on December 31, 2007

question 83

Multiple Choice

Carr Co.adopted the dollar-value LIFO inventory method on December 31, 2007.Carr's entire inventory constitutes a single pool.On December 31, 2007, the inventory was $320,000 under the dollar-value LIFO method.Inventory data for 2008 are as follows: 12/31/08 inventory at year-end prices $440,000
Relevant price index at year end (base year 2007) 110
Using dollar value LIFO, Carr's inventory at December 31, 2008 is

• A)$352,000.
• B)$408,000.
• C)$400,000.
• D)$440,000.

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Definitions:

Additional Utility

The extra satisfaction or pleasure a person receives from consuming an additional unit of a good or service.

Additional Utility

The extra satisfaction or pleasure a consumer gains from consuming an additional unit of a good or service, also known as marginal utility.

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Consumer Surplus

The contrast between what consumers are equipped and willing to dish out for a good or service against what they genuinely pay.