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

Question

Accounting, Analysis, and Principles (Part Level Submission) Culver 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. 28 214 $ 428 $91,592 Purchases: March 10 March 20 March 30 535 428 321 $ 482 $257,870 $ 508 217,424 $ 535 171,735 Sales: March 15 March 25 Inventory at March 31 535 428 535 $ 578 309,230 $610 261,080 Commercial Pumps Inventory at Feb. 28 642 $ 856 $549,552 Purchases: March 3 March 12 March 21 642 321 535 $.963 618,246 $1,017 326,457 $1,070 572,450 Sales: March 18 March 29 Inventory at March 31 963 642 535 $1,156 $1,113,228 $1,220 $783,240

Explanation / Answer

Assumption Periodic System LIFO (a) Item Units Cost Per Unit Total Cost NRV Per Unit Total NRV LCNRV Residential 535 * $246,314* 621 $ 332,235 $        246,314 Commercial 535 856 $457,960 963 $ 515,205 $        457,960 $        704,274 Ans *321 X $482 = $154,722 214 X $428 =          91,592 $246,314 Note: Answer might be changed due to perpetual assumption, please confirm through comment. I will answer as per perpetual assumption if needed.

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