2 questions: accounting 1

Problem 1 Mower-Blower Sales Co. started business on January 20, 2013. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2013 were as follows: January 21 February 3 February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 Blowers 23 @ $ 192 45 @ 194 38 @ 190 19 @ 195 Mowers 20 50 41 62 19 20 16 @ @ $ 211 @ 212 @ 218 @ 225 @ 212 @ 211 192 In inventory at December 31, 2013, were 8 blowers and 29 mowers. Assume the company uses a periodic inventory system. Required 1: (a)Compute ending inventory valuation at December 31, 2013 under the FIFO and LIFO costflow assumptions. (Hint: Compute ending inventory under each method, and then compare results.) The following data are available for Sellco for the fiscal year ended on January 31, 2014: Problem 2 Sales Beginning inventory Purchases, in chronological order 840 units 280 units @ $ 300 units @ $ 420 units @ $ 240 units @ $ 4 5 7 8 Required: (a Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, ) FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.) (b Assume that net income using the weighted-average cost-flow assumption is $14,400. ) Calculate net income under FIFO and LIFO. (Round your unit cost to 2 decimal places.)