Accounting, Analysis, and Principles (Part Level Submission) Oriole Company sell

Question

Accounting, Analysis, and Principles (Part Level Submission) Oriole 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 datis aailable for the month of March. Price per Unit Units Total Residential Pumps Inventory at Feb. 28 190 $390 74,100 Purchases: March 10 March 20 March 30 520 380 320 $ 440$228,800 $ 490$186,200 $ 480$153,600 Sales: March 15 March 25 Inventory at March 31 480 380 550 $ 560 $268,800 $ 570 $216,600 Commercial Pumps Inventory at Feb. 28: 600 $ 800 $480,000 Purchases: March 3 March 12 March 21 600 300 480 $ 910 $546,000 $ 960$288,000 $1,000 $480,000 Sales: March 18 March 29 Inventory at March 31 480 890 610 $1,070 $952,300 $1,150$701,500

Explanation / Answer

Residential Pumps Units Price per unit Total Beginning Inventory 190 390         74,100 Purchases March 10 520 440      2,28,800 March 20 380 490      1,86,200 March 30 320 480      1,53,600 Goods Available for sale 1410      6,42,700 Cost of Goods Sold March 15 190 390         74,100 March 15 290 440      1,27,600 March 25 230 440      1,01,200 March 25 150 490         73,500 Total Cost of Goods Sold 860      3,76,400 Ending Inventory at March 31 550      2,66,300 (320*480)+(230*490) Commercial Pumps Units Price per unit Total Beginning Inventory 600 800      4,80,000 Purchases March 3 600 910      5,46,000 March 12 300 960      2,88,000 March 21 480 1000      4,80,000 Goods Available for sale 1980 17,94,000 Cost of Goods Sold March 18 600 800      4,80,000 March 18 290 910      2,63,900 March 29 310 910      2,82,100 March 29 300 960      2,88,000 Total Cost of Goods Sold 1500 13,14,000 Ending Inventory at March 31 480      4,80,000 (480*1000) Cost of Inventory (480,000+266,300)      7,46,300 Cost of Goods Sold (1,314,000+376,400) 16,90,400

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