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Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during
Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2019 were as follows: January 21 February 3 February 28 March 13 April 6 May 22 June 3 Blowers 21 @ $ 191 42 @ 200 27@ 193 20@ 181 Mowers 19@ $209 48 @ 214 39@ 216 June 20 62@ 229 August 15 18 @ 214 September 20 19@ 209 November 7 21@ 191 The December 31, 2019, inventory included 8 blowers and 26 mowers. Assume the company uses a periodic inventory system. Required: a-1. Compute ending inventory valuation at December 31, 2019, under the FIFO and LIFO cost flow assumptions. FIFO LIFO Blowers Mowers
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