Question
Mover-Blower Sales Co. Started business on january 20, 2013. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2013
Mover-Blower Sales Co. Started business on january 20, 2013. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2013 were as follows
Blowers: January 21 20 @ 195; Februray 41@ 191; February 28 27@ 193; March 13 20@ 194; November 7 19@ 195
Mowers: Apr 22 16@ 216; May 22 43@ 220; June 3 42@ 215; June 20 54@ 230; August 18 @ 220; September 20 16@ 216
In inventory at December 31, 2013 , were 12 blowers and 21 mowers. Assume the company uses a periodic inventory system. Compute ending inventory valuation at December 31, 2013 under the FIFO and LIFO cost-flow assumptions.
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