Question: Problem 5-31 (Algo) Cost flow assumptions-FIFO and LIFO using a periodic system LO 7, 8 Mower-Blower Sales Co. started business on January 20, 2019. Products

Problem 5-31 (Algo) Cost flow assumptions-FIFO and LIFO using a periodic system LO 7, 8 Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2019 were as follows: Blowers Howers January 21 198 $ 209 February 3 370 195 February 28 260 190 March 13 160 191 April 6 198 $216 May 22 380 212 June 3 430 223 June 20 560 225 August 15 170 212 September 20 190 216 November 7 210 209 The December 31, 2019, Inventory Included 11 blowers and 22 mowers. Assume the company uses a periodic inventory system. Required: -1. Compute ending Inventory valuation at December 31, 2019, under the FIFO and LIFO cost flow assumptions. FIFO LIFO Blowers Mowers

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