Teal,Inc,Used the Lower of Cost or Market to Value Inventory

question 43

True/False

Teal,Inc.,used the lower of cost or market to value inventory in 2012.The ending inventory at cost was $400,000 and the ending inventory at market was $385,000.In 2013,Teal changed to the LIFO method.The company's beginning LIFO inventory is $400,000.

---

Definitions:

Labor Demand

The total amount of workers that employers are willing and able to hire at a given wage rate in a given time period.

Resource Pricing

The determination of the price for natural resources based on factors like scarcity, demand, and extraction costs.

Determinant

A factor or variable that decisively affects the nature or outcome of something.

Money Incomes

Earnings received in the form of currency or its equivalent, typically through employment, investments, or transfers like pensions and benefits.