Based on the following information: Assume that Forrest Company uses the LIFO accounting method. In year X1, Forrest reported the following information:
Units Unit Cost Total Cost
Beginning Inventory (1/1/X1) 1,000 10 10,000
Purchases (year X1) 2,000 11 22,000
Year X1 Sales 1,500
Ending Inventory (12/31/X1) 1,500
Based on the above information, Forrest Company will report which of the following amounts for its LIFO Inventory on 12/31/X1?
a. $15,500
b. $16,000
c. $16,500
d. none of the above.

Select the correct answer. after the 2008 recession, the amount of reserves in the us banking system increased. because of federal reserve actions, required reserves increased from $44 billion to $60 billion. however, banks started holding more reserves than required. by january 2009, banks were holding $900 billion in excess reserves. the federal reserve started paying interest on the excess reserves that the banks held. what possible impact will these unused reserves have on the economy? a. the interest rate on loans will fall. b. people will demand more foreign goods. c. people will start borrowing more money. d. the economy will face inflation. e. foreign investments will increase.