On January 1, 2016, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2016 through 2018 are as follows: Date, Ending Inventory at Year-End, Costs Cost Index

12/31/16, 540,600, 1.06

12/31/17, 598,500, 1.14

12/31/18, 638,600, 1.24

Calculate Taylor's ending inventory for 2016, 2017, and 2018.

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.