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:

Informed Consent

The process of obtaining permission before conducting a healthcare intervention on a person, with the individual having an understanding of the risks and benefits involved.

Participation

Active involvement or engagement in activities or events, often contributing to outcomes or processes.

Risks

Potential for experiencing harm or loss when engaging in an activity or situation.

Deception

The act of misleading or tricking someone into believing something that is not true.