The information below is provided for the only two inventory items held by Hammond, Inc.:
The company uses double-extension dollar-value LIFO with only one pool.
Required:
a. Calculate the cost index for 2013. Round to the nearest hundredth for decimals.
b. Calculate the December 31, 2013 ending inventory for Hammond using dollar-value LIFO. Round to the nearest dollar.

Question

The information below is provided for the only two inventory items held by Hammond, Inc.: 
 The company uses double-extension dollar-value LIFO with only one pool.
Required:
a. Calculate the cost index for 2013. Round to the nearest hundredth for decimals.
b. Calculate the December 31, 2013 ending inventory for Hammond using dollar-value LIFO. Round to the nearest dollar.

Quizplus · Accepted Answer

The Answer of The information below is provided for the only two inventory items held by Hammond, Inc.: 
 The company uses double-extension dollar-value LIFO with only one pool.
Required:
a. Calculate the cost index for 2013. Round to the nearest hundredth for decimals.
b. Calculate the December 31, 2013 ending inventory for Hammond using dollar-value LIFO. Round to the nearest dollar.

The Information Below Is Provided for the Only Two Inventory