Teal,Inc. ,used the lower of cost or market to value inventory in 2016.The ending inventory at cost was $400,000 and the ending inventory at market was $385,000.In 2017,Teal changed to the LIFO method.The company's beginning LIFO inventory is $400,000.

Question

Quizplus · Accepted Answer

The question states that Teal changed to the LIFO method in 2017 and provides information about the inventory levels and valuation methods for 2016. The beginning LIFO inventory for 2017 is also provided. Therefore, the statement is true.

Teal,Inc ,Used the Lower of Cost or Market to Value