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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 2019
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: Mowers Blowers 16@ $ 208 34 @ 200 37 @ 185 16 @ 197 January 21 February 3 February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 17 @ $205 43@ 220 42 @ 225 69 @ 232 16 220 17 205 17 @ 208 The December 31, 2019, inventory included 7 blowers and 23 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 1,456 Blowers $ Mowers
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