In 2013,Richard's Department Store Changes Its Inventory Method from FIFO

question 47

Multiple Choice

In 2013,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: 2012- $300,000; 2013 - $350,000.The 2012 price index is 110% and the 2013 index is 120%.The 2013 layer is

• A)$19,097.
• B)$20,833.
• C)$22,727.
• D)$50,000.

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Definitions:

Telepathy

The purported transmission of information from one person to another without using any of our known sensory channels or physical interaction.

Precognition

The alleged ability to see or know about events before they happen.

Motivations

Motivations are the driving forces behind human actions, desires, and needs.

Perception

The method through which people arrange and understand their sensory observations to assign significance to their surroundings.