Metlock 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:		320			$	300			$	96,000
Purchases:
	March 10		800			$	450			$	360,000
	March 20		640			$	475			$	304,000
	March 30		480			$	500			$	240,000
Sales:
	March 15		800			$	540			$	432,000
	March 25		640			$	570			$	364,800
	Inventory at March 31:		800
Commercial Pumps
	Inventory at Feb. 28:		960			$	800			$	768,000
Purchases:
	March 3		960			$	900			$	864,000
	March 12		480			$	950			$	456,000
	March 21		800			$	1,000			$	800,000
Sales:
	March 18		1,440			$	1,080			$	1,555,200
	March 29		800			$	1,140			$	912,000
	Inventory at March 31:		800

Assume Metlock uses dollar-value LIFO and one pool, consisting of the combination of residential and commercial pumps. Determine the cost of inventory on hand at March 31 and the cost of goods sold for March. Assume Metlocks initial adoption of LIFO is on March 1. Use the double-extension method to determine the appropriate price indices. (Hint: The price index for February 28/March 1 should be 1.00.) (Round Price Index to 3 decimal places e.g. 1.522 and other answers to 0 decimal places, e.g. 5,275.)

Metlock 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 Residential Pumps Inventory at Feb. 28: 320 $ 300 $ 96,000 Purchases: March 10 800 $ 450 $ 360,000 March 20 640 $ 475 $ 304,000 March 30 480 $ 500 $ 240,000 Sales: March 15 800 $ 540 $ 432,000 March 25 640 $ 570 $ 364,800 Inventory at March 31: 800 Commercial Pumps March 25 640 ta 570 $ 364,800 Inventory at March 31: 800 Commercial Pumps Inventory at Feb. 28: 960 $ 800 $ 768,000 Purchases: March 3 960 $ 900 $ 864,000 March 12 480 $ 950 $ 456,000 March 21 800 $ 1,000 $ 800,000 Sales: March 18 1,440 $ 1,080 $ 1,555,200 March 29 800 $ 1,140 $ 912,000 Inventory at March 31: 800 (b) Assume Metlock uses dollar-value LIFO and one pool, consisting of the combination of residential and commercial pumps. Determine the cost of inventory on hand at March 31 and the cost of goods sold for March. Assume Metlock's initial adoption of LIFO is on March 1. Use the double-extension method to determine the appropriate price indices. (Hint: The price index for February 28/March 1 should be 1.00.) (Round Price Index to 3 decimal places eg. 1.522 and other answers to 0 decimal places, e.g. 5,275.) Cost of inventory $ Cost of goods sold $ Price index Metlock 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 Residential Pumps Inventory at Feb. 28: 320 $ 300 $ 96,000 Purchases: March 10 800 $ 450 $ 360,000 March 20 640 $ 475 $ 304,000 March 30 480 $ 500 $ 240,000 Sales: March 15 800 $ 540 $ 432,000 March 25 640 $ 570 $ 364,800 Inventory at March 31: 800 Commercial Pumps March 25 640 ta 570 $ 364,800 Inventory at March 31: 800 Commercial Pumps Inventory at Feb. 28: 960 $ 800 $ 768,000 Purchases: March 3 960 $ 900 $ 864,000 March 12 480 $ 950 $ 456,000 March 21 800 $ 1,000 $ 800,000 Sales: March 18 1,440 $ 1,080 $ 1,555,200 March 29 800 $ 1,140 $ 912,000 Inventory at March 31: 800 (b) Assume Metlock uses dollar-value LIFO and one pool, consisting of the combination of residential and commercial pumps. Determine the cost of inventory on hand at March 31 and the cost of goods sold for March. Assume Metlock's initial adoption of LIFO is on March 1. Use the double-extension method to determine the appropriate price indices. (Hint: The price index for February 28/March 1 should be 1.00.) (Round Price Index to 3 decimal places eg. 1.522 and other answers to 0 decimal places, e.g. 5,275.) Cost of inventory $ Cost of goods sold $ Price index