This topic contains a solution. Click here to go to the answer

Author Question: In 2016, Richard's Department Store changes its inventory method from FIFO to LIFO. Richard's uses ... (Read 71 times)

xroflmao

  • Hero Member
  • *****
  • Posts: 515

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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by xroflmao on Sep 13, 2020

skipfourms123

  • Sr. Member
  • ****
  • Posts: 343
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.
Answer Preview
Only 56% of students answer this correctly




xroflmao

  • Member
  • Posts: 515
Reply 2 on: Sep 13, 2020
Wow, this really help


carlsona147

  • Member
  • Posts: 341
Reply 3 on: Yesterday
Excellent

 

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

For a complete list of videos, visit our video library