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Vaughn Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming

Vaughn Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming pools. The following inventory data is available for the month of March. Units Price per Unit Total Residential Pumps Inventory at Feb. 28: 420 $ 300 $ 126,000 Purchases: March 101,050 $ 450 $ 472,500 March 20840 $ 475 $ 399,000 March 30630 $ 500 $ 315,000 Sales: March 151,050 $ 540 $ 567,000 March 25840 $ 570 $ 478,800 Inventory at March 31: 1,050 Commercial Pumps Inventory at Feb. 28: 1,260 $ 800 $ 1,008,000 Purchases: March 31,260 $ 900 $ 1,134,000 March 12630 $ 950 $ 598,500 March 211,050 $ 1,000 $ 1,050,000 Sales: March 181,890 $ 1,080 $ 2,041,200 March 291,050 $ 1,140 $ 1,197,000 Inventory at March 31: 1,050(a) Assuming Vaughn uses a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under first-in, first-out (FIFO). Cost of inventory $ Cost of goods sold $ Purchases:
Sales:
In addition to the above information, due to a downturn in the economy that has hit Skysong's commercial customers especially hard,
Skysong expects commercial pump prices from March 31 onward to be considerably different (and lower) than at the beginning of and
during March. Skysong has developed the following additional information.
Skysong uses the FIFO accounting method. Determine the dollar amount that Skysong should report on its March 31 statement of financial position for inventory. Assume
Skysong applies LCNRV at the individual-product level.
Total amount of inventory $
Skysong Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming pools. The following inventory data are available for the month of March.
Residential Pumps
\table[[Inventory at Feb. 28:,180,$,360,$,64,800],[Purchases:,,,,,],[March 10,450,$,405,$,182,250],[March 20,360,$,430,$,154,800],[March 30,270,$,450,$,121,500]]
Sales:
\table[[March 15,450,$,482,$,216,900],[March 25,360,$,506,$,182,160],[Inventory at March 31:,450,,,,]]
Commercial Pumps
Inventory at Feb. 28: ,540,$,720,$388,800
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