a-2. Is there any difference in valuation under FIFO and LIFO.

• Yes

• No

b. If the cost of mowers had increased to $240 each by December 1, and if management had purchased 30 mowers at that time and if it wants to minimize taxes, which cost flow assumption was probably being used by the firm?

• LIFO

• FIFO

Check Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2019 were as follows: Mowers Blowers 17@ $ 200 50@ 196 38@ 191 21 @ 196 January 21 February 3 February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 17@ $214 44@ 210 43 @ 224 62@ 230 17 @ 210 17 @ 214 19@ 200 The December 31, 2019, inventory included 11 blowers and 28 mowers. Assume the company uses a periodic inventory system. Required: a-1. Compute ending inventory valuation at December 31, 2019, under the FIFO and LIFO cost flow assumptions. FIFO L IFO Blowers Mowers