In 2014,Richard's Department Store Changes Its Inventory Method from FIFO

question 81

Essay

In 2014,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: 2013 - $300,000; 2014 - $350,000.The 2013 price index is 110% and the 2014 index is 120%.The 2014 layer is
A)$19,097.
B)$20,833.
C)$22,727.
D)$50,000.

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

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Definitions:

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