(Answered) Mower-blower sales co started business on january 20 2016

Accounting

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.)

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