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Please Answer the Mowers Section Problem 5-31 (Algo) Cost flow assumptions-FIFO and LIFO using a periodic system LO 7, 8 Mower-Blower Sales Co. started business
Please Answer the Mowers Section
Problem 5-31 (Algo) Cost flow assumptions-FIFO and LIFO using a periodic system LO 7, 8 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 22@ $ 196 41 @ 197 30 @ 182 19@ 184 January 21 February 3 February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 16@ $201 43@ 216 39 @ 219 66@ 229 19 @ 216 16@ 201 18@ 196 The December 31, 2019, inventory included 9 blowers and 29 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 $ 1,764 $ 1,764 MowersStep by Step Solution
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