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.

---

Definitions:

Monopoly

A market structure characterized by a single seller selling a unique product in the market, leading to limited competition.

Policymakers

Individuals or groups responsible for making decisions in government that influence laws, regulations, and policies.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market.

Deadweight Loss

A reduction in economic efficiency that happens when the balance for a product or service cannot be reached or is impossible to achieve.