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Author Question: In 2016, Richard's Department Store changes its inventory method from FIFO to LIFO. Richard's uses ... (Read 70 times)

xroflmao

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on: Sep 13, 2020

Question 1

In 2016, 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: 2015 - $300,000; 2016 - $350,000. The 2015 price index is 110% and the 2016 index is 120%. The 2016 layer is
◦ $19,097.
◦ $20,833.
◦ $22,727.
◦ $50,000.

Question 2

In 2016, 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: 2015 - $300,000; 2016 - $350,000. The 2015 price index is 110% and the 2016 index is 120%. The 2016 ending inventory after adopting the LIFO method is
◦ $350,000.
◦ $320,833.
◦ $381,818.
◦ $322,727.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by xroflmao on Sep 13, 2020

skipfourms123

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Reply #1 on: Sep 13, 2020
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xroflmao

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

fatboyy09

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Reply 3 on: Yesterday
Gracias!

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