Prime Corporation begins operations in late 2015. Prime decides to use the single-pool LIFO method. Year-end inventories

Question:

Prime begins operations in late 2015. Prime decides to use the single-pool LIFO method. Year-end inventories under FIFO are as follows:
2015 ………………………. $110,000
2016 ………………………. 134,000
2017 ………………………. 125,000
The price index for 2015 is 130%; for 2016, 134%; and 2017, 140%. What are 2016 and 2017 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...