Prime Corporation begins operations in late 2013. Prime decides to use the single-pool LIFO method. Year-end inventories

Question:

Prime Corporation begins operations in late 2013. Prime decides to use the single-pool LIFO method. Year-end inventories under FIFO are as follows:

2013 ............................$110,000

2014 ............................ 134,000

2015 ............................ 125,000

The price index for 2013 is 130%; for 2014, 134%; and 2015, 140%. What are 2014 and 2015 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...