Pronghorn 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:		220			$	380			$	83,600
Purchases:
	March 10		490			$	460			$	225,400
	March 20		400			$	490			$	196,000
	March 30		300			$	520			$	156,000
Sales:
	March 15		500			$	550			$	275,000
	March 25		400			$	580			$	232,000
	Inventory at March 31:		510
Commercial Pumps
	Inventory at Feb. 28:		590			$	780			$	460,200
Purchases:
	March 3		590			$	920			$	542,800
	March 12		290			$	930			$	269,700
	March 21		500			$	1,010			$	505,000
Sales:
	March 18		880			$	1,080			$	950,400
	March 29		590			$	1,120			$	660,800
	Inventory at March 31:		500

(a)Assuming Pronghorn 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		$763900
Cost of goods sold		$1674800

(b) Assume Pronghorn 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 Pronghorns 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.)

Cost of inventory		$ ??
Cost of goods sold		$ ??
Price index		?