Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $1,400. Purchases during 2019 were as follows: Blowers Mowers January 21 February 3 February 28 20@$ 800 40e 780 30e 760 March 13 200 760 200$840 April 6 May 22 June 3 40e 860 40@ 880 June 20 600 920 August 15 September 20 November 7 200 860 200 840 200 800 The December 31, 2019, inventory included 10 blowers and 25 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 87,200 Blowers Mowers

Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $1,400. Purchases during 2019 were as follows: Blowers Mowers January 21 February 3 February 28 20@$ 800 40e 780 30e 760 March 13 200 760 200$840 April 6 May 22 June 3 40e 860 40@ 880 June 20 600 920 August 15 September 20 November 7 200 860 200 840 200 800 The December 31, 2019, inventory included 10 blowers and 25 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 87,200 Blowers Mowers

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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