Question
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 Blowers 18@ $ 202 31@ 195 Mowers February 28 34@ 200 March 13 22@ 195 April 6 May 22 June 3 18@ $200 39@ 218 41@ 224 June 20 55@ 232 August 15 September 20 November 7 18@ 218 18@ 200 15@ 202 The December 31, 2019, inventory included 11 blowers and 27 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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