Prime Corporation begins operations in late 2017. Prime decides to use the single-pool LIFO method. Year-end inventories

Question:

Prime Corporation begins operations in late 2017. Prime decides to use the single-pool LIFO method. Year-end inventories under FIFO are as follows:

2017 .....................................$110,000

2018 .......................................134,000

2019 .......................................125,000

The price index for 2017 is 130%; for 2018, 134%; and 2019, 140%. What are 2018 and 2019 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...