Windsor 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 Units Total Unit Residential Pumps $ 432 $ 93,312 Inventory at Feb. 28: 216 Purchases: $ 262,440 $ 486 March 10 540 $ 221,616 $ 513 March 20 432 $174,960 $ 540 March 30 324 Sales: $ 583 March 15 540 314,820 $ 616 March 25 432 266,112 Inventory at March 31: 540 Commercial Pumps Inventory at Feb. 28: $ 864 559,872 648 Purchases: $ 972 $629,856 March 3 648 $1,026 March 12 324 332,424 $1,080 $ 583,200 March 21 540 Sales: March 18 $1,166 $1,133,352 972 $1,231 March 29 648 797,688 Inventory at March 31: 540 In addition to the above information, due to a downturn in the economy that has hit Windsor's commercial customers especially hard, Windsor expects commercial pump prices from March 31 onward to be considerably different (and lower) than at the beginning of and during March. Windsor has developed the following additional information. Commercial Residential Pumps Pumps $972 $626 Net realizable value (per unit) The normal profit margin is 16.67% of cost. Windsor uses the FIFO accounting method. Determine the dollar amount that Windsor should report on its March 31 balance sheet for inventory. Assume Windsor applies lower-of-cost-or-net realizable value at the individual product level Total amount of inventory $ Determine the dollar amount that Windsor should report on its March 31 balance sheet for inventory. Assume Windsor applies lower-of-cost-or-market at the major category level. Windsor places both commercial and residential pumps into the same (and only) category. Total amount of inventory $ Windsor 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 Units Total Unit Residential Pumps $ 432 $ 93,312 Inventory at Feb. 28: 216 Purchases: $ 262,440 $ 486 March 10 540 $ 221,616 $ 513 March 20 432 $174,960 $ 540 March 30 324 Sales: $ 583 March 15 540 314,820 $ 616 March 25 432 266,112 Inventory at March 31: 540 Commercial Pumps Inventory at Feb. 28: $ 864 559,872 648 Purchases: $ 972 $629,856 March 3 648 $1,026 March 12 324 332,424 $1,080 $ 583,200 March 21 540 Sales: March 18 $1,166 $1,133,352 972 $1,231 March 29 648 797,688 Inventory at March 31: 540 In addition to the above information, due to a downturn in the economy that has hit Windsor's commercial customers especially hard, Windsor expects commercial pump prices from March 31 onward to be considerably different (and lower) than at the beginning of and during March. Windsor has developed the following additional information. Commercial Residential Pumps Pumps $972 $626 Net realizable value (per unit) The normal profit margin is 16.67% of cost. Windsor uses the FIFO accounting method. Determine the dollar amount that Windsor should report on its March 31 balance sheet for inventory. Assume Windsor applies lower-of-cost-or-net realizable value at the individual product level Total amount of inventory $ Determine the dollar amount that Windsor should report on its March 31 balance sheet for inventory. Assume Windsor applies lower-of-cost-or-market at the major category level. Windsor places both commercial and residential pumps into the same (and only) category. Total amount of inventory $
