Under the Dollar-Value LIFO Retail Method, to Determine If the Increase

question 60

Multiple Choice

Under the dollar-value LIFO retail method, to determine if the increase in the value of inventory was due to an increase in quantities:

• A) Compare beginning and ending inventory amounts at current year prices.
• B) Compare beginning and ending inventory amounts after adjusting both amounts to the average price level for the year.
• C) Inflate beginning inventory amount to end of year prices and compare to ending inventory amount.
• D) Deflate the ending inventory amount to beginning of year prices and compare to the beginning inventory amount.

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