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Author Question: In 2016, Richard's Department Store changes its inventory method from FIFO to LIFO. Richard's uses ... (Read 38 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
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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xroflmao

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

brbarasa

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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