Basking Company Adopted the Dollar-Value LIFO Method in 2014

question 120

Multiple Choice

Basking Company adopted the dollar-value LIFO method in 2014.At December 31,2014,ending inventory was $100,000,with a price index of 1.00,using dollar-value LIFO.At December 31,2015,the ending inventory using FIFO is $120,000 and the price index is 1.15.Round all dollar amounts to the nearest dollar.Basking Company's ending inventory at December 31,2015 on a dollar-value LIFO basis is ________.

• A)$100,000
• B)$104,348
• C)$105,000
• D)$120,000

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Definitions:

Psychological Approaches

Various methods or perspectives within psychology used to understand, explain, and treat mental illness and behavioral issues.

Depression

A common and serious mood disorder that negatively affects how you feel, think, and handle daily activities, characterized by persistent feelings of sadness and loss of interest.

Psychodynamic Approach

A therapeutic approach in psychology that focuses on unconscious processes as they are manifested in an individual's present behavior, emphasizing childhood experiences.

Effectiveness

The degree to which something achieves its intended outcome, purpose, or result, especially under real-world conditions.