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.

---

Definitions:

Intelligence Quotient

A numerical measure of a person's intelligence, typically obtained through standardized testing.

Intelligence Tests

Standardized tests designed to measure a person's intellectual abilities and potential.

Drift

The gradual change or movement of something from one position or condition to another over time, often used in environmental and social sciences.

Magnetic Resonance Imaging

A medical imaging technique that uses magnetic fields and radio waves to produce detailed images of the body's organs and tissues.