Che 1 2 points Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $295,584 and average assets of $1,414,830. If Monnisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $44.450 more than under FIFO, and its average assets would have been $32,210 less than under FIFO. Required: . Calculate the firm's Rol under each cost flow assumption (FIFO and LIFO) (Enter your answers as percentages rounded to 1 decimal place (le, 12.2%).) elok TO UFO ROL % % b. Suppose that two years later costs and prices were falling Under FIFO, net income and average assets were $344,334 and $1,756,650, respectively. If LIFO had been used through the years, Inventory values would have been $45,280 less than under FIFO, and current year cost of goods sold would have been $15,837 less than under Fifo. Calculate the firm's ROI under each cost flow assumption (FIFO and LFO) (Enter your answers as percentages rounded to 1 decimal place (le, 12.2").) FIFO LIFO RO 2 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: 2 points flowers 230 $ 202 444 196 33 196 23 189 eBook January 21 February February 28 March 13 april May 22 June 2 June 20 August 15 September 20 November 7 17e $213 386 211 444 222 670 231 16 211 174 213 Print 158 202 References The December 31, 2019, Inventory included 11 blowers and 27 mowers. Assume the company uses a periodic Inventory system Required: 2-1. Compute ending inventory valuation at December 31, 2019, under the FIFO and LIFO cost flow assumptions. FIFO LIFO Blowers Mowers November 7 15 202 The December 31, 2019, inventory included 11 blowers and 27 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 LIFO Blowers Mowers 3-2. Is there any difference in valuation under FIFO and LIFO. Yes No b. If the cost of mowers had increased to $242 cach 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