Use the Following Information for

question 58

Multiple Choice

Use the following information for
Hay Company had January 1 inventory of $100,000 when it adopted dollar-value LIFO.During the year, purchases were $600,000 and sales were $1,000,000.December 31 inventory at year-end prices was $126,500, and the price index was 110.
-What is Hay Company's ending inventory?

• A)$110,000.
• B)$115,000.
• C)$116,500.
• D)$126,500.

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Definitions:

Conscious Supervision

This term refers to the deliberate and aware monitoring and guiding of processes or activities, often by someone in a position of authority.

Perception

The cognitive process that interprets and makes sense of the information gathered through the senses, forming our awareness of the environment.

Awareness

The knowledge or perception of a situation or fact; consciousness about something.

Ineffable

That which is too great or intense to be expressed in words; incapable of being described or explained.