In 2013, Martin Company first adopted the dollar value LIFO method. Presented below is information related to Martin (round to the nearest dollar). Date Ending Inventory, End of year prices Price Index 12/31/2013 $100,000 100

12/31/2014 $150,000 125

12/31/2015 $175,000 150

Instructions: (1) Compute the ending inventory for Martin Co. for 2013 through 2015, using the dollar-

value LIFO method.

(2) Compute the LIFO reserve and record the necessary journal entries to adjust inventory to dollar value LIFO for each year (2013 to 2015).