The Conversion of a LIFO Inventory to Approximate the Inventory

question 77

Multiple Choice

The conversion of a LIFO inventory to approximate the inventory at FIFO is accomplished through application of which one of the following formulas?

• A)FIFO inventory = LIFO inventory × LIFO reserve
• B)FIFO inventory = LIFO inventory ÷ LIFO reserve
• C)FIFO inventory = LIFO inventory - LIFO reserve
• D)FIFO inventory = LIFO inventory + LIFO reserve

---

Definitions:

HIV/AIDS

Human Immunodeficiency Virus (HIV) is a virus that attacks the immune system, and Acquired Immunodeficiency Syndrome (AIDS) is the most advanced stage of HIV infection, characterized by the occurrence of any of more than 20 opportunistic infections or HIV-related cancers.

Sub-Saharan African Countries

Nations located in the region of Africa that lies south of the Sahara Desert, often characterizing a geographic and socio-economic grouping.

Incidence

The allocation of the burden of a tax between buyers and sellers, or the effect of a policy or economic event on particular groups.

Industrial Market Countries

Nations with highly developed industries where the majority of economic activities are focused on manufacturing and services.