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Compute ending inventory valuation at december

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Reference no: EM131763518

Mower-Blower Sales Co. started business on January 20, 2016. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2016 were as follows:

  Blowers Mowers
January 21 24 @ $ 198        
February 3 47 @   190        
February 28 25 @   191        
March 13 15 @   194        
April 6         16 @ $ 212
May 22         35 @   215
June 3         45 @   216
June 20         51 @   227
August 15         18 @   215
September 20         16 @   212
November 7 23 @   198        

The December 31, 2016, inventory included 10 blowers and 25 mowers. Assume the company uses a periodic inventory system.

Required:

1. Compute ending inventory valuation at December 31, 2016, under the FIFO and LIFO cost-flow assumptions. (Hint: Compute ending inventory under each method, and then compare results.)

Reference no: EM131763518

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