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 2019 were as follows: Mowers Blowers 23@ $ 191 43@ 196 26@186 20 183 January 21 February February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 17@$218 41 211 43 224 52@ 228 18 @ 211 17 218 19@191 The December 31, 2019, inventory included 9 blowers and 29 mowers. Assume the company uses a periodic inventory system. Required: 0-1. Compute ending inventory valuation at December 31, 2019, under the FIFO and LIFO cost flow assumptions FIFO LIFO Blowers Mowers

Answer 1

Requirement (a1) FIFO Blowers $ Movers $ LIFO 1,719 6,238 $ 1719 6,238 Note : Blowers Movers FIFO 9*191 17*218+12*211 LIFO 9*191 17*218+12*211 Requirement (a2) No Requirement (a3) LIFO Note : Do Comment For Any Further Assistance