In 2017,Richard's Department Store Changes Its Inventory Method from FIFO

In 2017,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: 2016 - $300,000; 2017 - $350,000.The 2016 price index is 110% and the 2017 index is 120%.The 2017 ending inventory after adopting the LIFO method is

A) $350,000.
B) $320,833.
C) $381,818.
D) $322,727.

Correct Answer:

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