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Mower-Blower Sales Co. started business on January 20, 2016. Products sold were snow blowers and lawn mowers. Each product sold for $1,400. Purchases during 20
Mower-Blower Sales Co. started business on January 20, 2016. Products sold were snow blowers and lawn mowers. Each product sold for $1,400. Purchases during 20 follows: 6 were as January 21 February 3 20@ S800 400 780 300 760 20@ 760 February 28 March 13 April 6 May 22 June 3 June 20 August 15 20@ $840 40@ 860 402 880 60 920 20@ 860 20 840 November 7 20 800 The December 31, 2016, inventory included 10 blowers and 25 mowers. Assume the company uses a periodic inventory system Required valuation at December 31, 2016, under the FIFO and LIFO cost flow assumptions Hint Compute ending inventory under each method, and then compare results.) Mowers
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