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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I think I am making this one too hard. It is asking for the LIFO and FIFO, and the only example I can find in my book looks like its 3 pages of work.
Transcribed Image Text: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
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