Marigold 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: | 208 | $ | 416 | $ | 86,528 | |||||||
Purchases: | ||||||||||||
March 10 | 520 | $ | 468 | $ | 243,360 | |||||||
March 20 | 416 | $ | 494 | $ | 205,504 | |||||||
March 30 | 312 | $ | 520 | $ | 162,240 | |||||||
Sales: | ||||||||||||
March 15 | 520 | $ | 562 | $ | 292,240 | |||||||
March 25 | 416 | $ | 593 | $ | 246,688 | |||||||
Inventory at March 31: | 520 | |||||||||||
Commercial Pumps | ||||||||||||
Inventory at Feb. 28: | 624 | $ | 832 | $ | 519,168 | |||||||
Purchases: | ||||||||||||
March 3 | 624 | $ | 936 | $ | 584,064 | |||||||
March 12 | 312 | $ | 988 | $ | 308,256 | |||||||
March 21 | 520 | $ | 1,040 | $ | 540,800 | |||||||
Sales: | ||||||||||||
March 18 | 936 | $ | 1,123 | $ | 1,051,128 | |||||||
March 29 | 624 | $ | 1,186 | $ | 740,064 | |||||||
Inventory at March 31: | 520 |
In addition to the above information, due to a downturn in the economy that has hit Marigold’s commercial customers especially hard, Marigold expects commercial pump prices from March 31 onward to be considerably different (and lower) than at the beginning of and during March. Marigold has developed the following additional information.
Commercial Pumps | Residential Pumps | |||
Net realizable value (per unit) | $936 | $603 |
The normal profit margin is 16.67% of cost. Marigold uses the FIFO
accounting method.
Determine the dollar amount that Marigold should report on its March 31 balance sheet for inventory. Assume Marigold applies lower-of-cost-or-net realizable value at the individual product level.
Total amount of inventory | $ ? |
Marigold Company sells two types of pumps. One is large and is for commercial use. The...
Marigold 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: 208 $ 416 $ 86,528 Purchases: March 10 520 $ 468 $ 243,360 March 20 416 $ 494 $ 205,504 March 30 312 $ 520 $ 162,240 Sales: March 15 520 $...
whispering 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. Price per Unit Units Total 222 $ 444 $ 98,568 $ 500 $ 527 $ 555 $ 277,500 $ 233,988 $ 184,815 555 $ 599 $ 633 $ 332,445 $ 281,052 444 555 Residential Pumps Inventory at Feb. 28: Purchases: March 10 March...
Crane 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: 202 $ 404 $ 81,608 Purchases: March 10 505 $ 455 $ 229,775 March 20 404 $ 480 $ 193,920 March 30 303 $ 505 $ 153,015 Sales: March 15 505 $...
Coronado 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: 360 $ 300 $ 108,000 Purchases: March 10 900 $ 450 $ 405,000 March 20 720 $ 475 $ 342,000 March 30 540 $ 500 $ 270,000 Sales: March 15 900 $...
Coronado 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: 360 $ 300 $ 108,000 Purchases: March 10 900 $ 450 $ 405,000 March 20 720 $ 475 $ 342,000 March 30 540 $ 500 $ 270,000 Sales: March 15 900 $...
Tamarisk 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. Price per Unit Units Total 440 $ 300 $ 132,000 1,100 880 660 $ $ $ 450 475 500 $ 495,000 $ 418,000 $ 330,000 1,100 880 1,100 $ 540 $ 570 $ 594,000 $ 501,600 Residential Pumps Inventory at Feb. 28: Purchases:...
Tamarisk 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. Price per Unit Units Total 440 $ 300 $ 132,000 1,100 880 660 $ $ $ 450 475 500 $ 495,000 $ 418,000 $ 330,000 1,100 880 1,100 $ 540 $ 570 $ 594,000 $ 501,600 Residential Pumps Inventory at Feb. 28: Purchases:...
Waterway 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. Price per Unit Units Total 500 $ 300 $ 150,000 1,250 1,000 750 $ $ $ 450 475 500 $ 562.500 $ 475.000 $ 375.000 1,250 $ 540 $ 570 $ 675.000 $ 570,000 1,250 Residential Pumps Inventory at Feb. 28: Purchases: March...
Residential Pumps Inventory at Feb. 28: 238 $ 476 $ 113,228 Purchases: March 10 595 $ 536 $ 318920 March 20 476 $ 565 $ 268940 March 30 357 $ 595 $ 212415 Sales March 15 595 $ 643 $ 382585 March 25 476 $ 678 $ 322728 Inventory at March 31: 595 Commercial Pumps Inventory at Feb. 28: 714 $ 952 $ 679728 Purchases March 3 714 $ 1071 $ 764694 March 12 357 $ 1131 $ 403767 March...
Units Price per Unit Total Residential Pumps Inventory at Feb. 28: 400 $ 300 $ 120,000 Purchases: March 10 1,000 $ 450 $ 450,000 March 20 800 $ 475 $ 380,000 March 30 600 $ 500 $ 300,000 Sales: March 15 1,000 $ 540 $ 540,000 March 25 800 $ 570 $ 456,000 Inventory at March 31: 1,000 Commercial Pumps Inventory at Feb. 28: 1,200 $ 800 $ 960,000 Purchases: March 3 1,200 $ 900 $ 1,080,000 March 12 600...