Prime Corporation begins operations in late 2016. Prime decides to use the single-pool LIFO method. Year-end inventories

Question:

Prime Corporation begins operations in late 2016. Prime decides to use the single-pool LIFO method. Year-end inventories under FIFO are as follows:
2016.......................................$110,000
2017.........................................134,000
2018.........................................125,000
The price index for 2016 is 130%; for 2017, 134%; and 2018, 140%. What are 2017 and 2018 inventories?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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