Udon Inc Adopted Dollar-Value LIFO (DVL) as of January 1, 2013

question 124

Multiple Choice

Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2013, when it had an inventory of $700,000. Its inventory as of December 31, 2013, was $777,000 at year-end costs and the cost index was 1.05. What was DVL inventory on December 31, 2013?

• A)$735,000.
• B)$740,000.
• C)$742,000.
• D)$777,000.

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Definitions:

Perception

The process by which sensory information is interpreted and organized to represent and understand the environment.

Visual-Form Agnosia

A condition where a person can see objects but cannot understand their shape, leading to an inability to recognize them.

Trichromatic Theory

A theory of color vision stating that the human eye has three types of receptors sensitive to red, green, and blue wavelengths, forming the basis of our color perception.

Opponent-Process Pairing

A theory in visual and emotional perception stating that elements are controlled by the interaction of opposing processes, leading to experiences of complementary contrasts.