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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 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

$\backslash$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:

$\backslash$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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