Question: The information below is provided for the only two inventory items held by Hammond, Inc.: Base Jan. 1, 2019 Dec. 31, 2019 No. of Cost

The information below is provided for the only two inventory items held by Hammond, Inc.:

Base

Jan. 1, 2019 Dec. 31, 2019

No. of Cost per No. of Cost per

Item Units Unit Units Unit

Tapes 300 $27.00 400 $38.00

Extenders 800 42.00 1,000 55.00

The company uses double-extension dollar-value LIFO with only one pool.

Required:

a. Calculate the cost index for 2019.

b. Calculate the December 31, 2019 ending inventory for Hammond using dollar-value LIFO.

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