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 18 $ 197 46 190 29 188 19 190 January 21 February 3 Fobruary 28 March 13 April 6 May 22 June 3 June 20 August 15 17 $214 50@ 218 38 220 64@ 235 18@ 218 17 214 19 197 The December 31, 2016, inventory included 9 blowers and 23 mowers. Assume the company uses a periodic inventory system. Required a-1. Compute ending inventory valuation at December 31, 2016, under the FIFO and LIFO cost-flow assumptions. (Hint Compute ending inventory under each method, and then compare results.) FIFO LIFO Blowers 1,970 $ 1,970 Mowers a-2. Is there any difference in valuation under LIFO and FIFO Yes No b. If the cost of mowers had increased to $248 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