Mower-Blower Sales Co. started business on January 20, 2016. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2016 were as follows:

Mower-Blower Sales Co. started business on January 20, 2016. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2016 were as follows: Blowers Mowers January 21 2022 S 196 38@ 192 February 3 February 28 350 183 March 13 162 195 April 6 1900 $203 May 22 48@ 216 June 3 4402 216 June 20 231 August 15 162 216 September 20 19@ 203 November 7 230 196 The December 31, 2016, inventory included 9 blowers and 26 mowers. Assume the company uses a periodic inventory system Required a-1. Compule ending inventory valuation at DBcember 31, 2016, under the FlFO and LIFO cost now assumptions. (Hint. Cornpule ending inventory under each method, and then compare results FIFO LIFO Blowers Mowers a-2. s there any difference in valuation under LIFO and FIFO Yes No b. If the cost of mowers had increased to $246 each by December 1, and it management had purchased 30 mowers at that time and it wants to minimize taxes. which cost-flow assumption was probably being used by the firm? LIF FIFO