In 2017,Richard's Department Store Changes Its Inventory Method from FIFO

question 96

Multiple Choice

In 2017,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: 2016 - $300,000; 2017 - $350,000.The 2016 price index is 110% and the 2017 index is 120%.The 2017 ending inventory after adopting the LIFO method is

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

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Definitions:

Alternative Methods

Refers to non-traditional practices or techniques used in place of conventional approaches for various purposes, including medical treatment.

Incongruent Statements

Expressions or declarations that do not align or agree with each other, leading to confusion or misunderstanding.

Diversional Activities

Leisure activities that are used to divert or distract individuals from their stressors, enhancing their overall well-being.

Eye Contact

Refers to the act of two people looking directly into each other’s eyes, which can be a powerful form of nonverbal communication, indicating various emotions or intentions.