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Computing ending inventory and cost of goods sold under FIFO and LIFO cost-flow assumptions.
Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2009 were as follows:
Blowers
Mowers
Jan 21
20@200
Feb 3
40@195
Feb 28
30 @190
Mar 13
20@190
Apr 6
20@120
May 22
40@215
Jun 3
40@220
Jun 20
60@230
Aug 15
20@215
Sep 20
20@210
Nov 7
In inventory at Dec 31, 2009, 10 blowers and 25 mowers. Assume the coy uses a period inventory system. What will be the difference between ending inventory valuation at December 31, 2009, and the cost of goods sold for 2009, under FIFO and LIFO cost-flow assumptions? Hint: Compute ending inventory and cost of goods sold under each method, and then compare results.
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