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	$25.00	400	$30.00
Extenders	800	40.00	1,000	52.00

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

Required:

a.  Calculate the cost index for 2019.  Round to the nearest hundredth for decimals.

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

105. Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2020, the following information was obtained from the inventory records:
 

	2019	2020
Ending inventory, FIFO	$78,650	$93,250
Ending inventory, LIFO	68,500	78,350

Required:

Prepare the necessary entry to convert to LIFO at the end of 2019.