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Q1) Cost flow assumptions - FIFO and LIFO using periodic system. Mower Blowers coy began business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Every 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

20@200

 

In inventory at Dec 31, 2009, 10 blowers and 25 mowers. Suppose coy utilizes period inventory system. What will be difference between ending inventory valuation at December 31, 2009, and cost of goods sold for 2009, under FIFO and LIFO cost-flow supposition? find out ending inventory and cost of goods sold under each method, and then compare results.

Accounting Basics, Accounting

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  • Reference No.:- M917906

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