Mower$-$Blower Sales Company started business on January $20,2022.$ Products sold were snow blowers and lawn mowers. Each product sold for $$350.$ Purchases during $2022$ were as follows:

Blowers Mowers

January $2122$ @ $$194$

February $331$ @ $$193$

February $2835$ @ $$190$

March $1322$ @ $$183$

April $617$ @ $$211$

May $2231$ @ $$213$

June $342$ @ $$220$

June $2066$ @ $$226$

August $1518$ @ $$213$

September $2017$ @ $$211$

November $721$ @ $$194$

The December $31,2022,$ inventory included $8$ blowers and $24$ mowers. Assume the company uses a periodic inventory system.

Required:

Compute ending inventory valuation at December $31,2022,$ under the FIFO and LIFO cost flow assumptions.

Is there any difference in valuation under FIFO and LIFO.

If the cost of mowers had increased to $$243$ each by December $26$th$,$ and if management had purchased $30$ mowers just before the end of the year, which cost flow assumption was probably being used by the firm?