Michael Jones Company Has Adopted the Dollar-Value LIFO Method in 2014.At

question 45

Multiple Choice

Michael Jones Company has adopted the dollar-value LIFO method in 2014.At December 31,2014,the ending inventory at dollar-value LIFO is $100,000,with a price index of 1.00.At December 31,2015,the ending inventory using FIFO is $125,000.The price index is 1.30 in 2015.Round all dollar amounts to the nearest dollar.What is the ending inventory using dollar-value LIFO at December 31,2015?

• A)$100,000
• B)$119,231
• C)$96,154
• D)$125,000

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Definitions:

Conjunctive

Conjunctive refers to tasks or actions that are connected in a logical or consistent relationship, often requiring all parts to be completed for success.

Injunctive

Pertaining to an authoritative order or command, especially a legal judgement or decree that requires a party to act or refrain from acting.

Reflexive

Reflexive pertains to an action or process where the subject and object are the same, leading to self-referential or self-affecting outcomes.

Preconscious

Part of the mind containing thoughts and memories that are not currently in conscious awareness but can be easily accessed.