Problem 5.31 @LO 7,08 Cost flow assumptions-FIFO and LIFO using a periodic system Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $1,400. Purchases during 2019 were as follows: Blowers Mowers January 21 20 @ $800 February 3 40 @ 780 February 28 30 @ 760 20 @ 760 March 13 April 6 20 @ $840 May 22 40 @ 860 June 3 40 @ 880 June 20 60 @ 920 August 15 20 @ 860 September 20 20 @ 840 November 7 20 @ 800 The December 31, 2019, inventory included 10 blowers and 25 mowers. Assume the company uses a periodic inventory system. Required: a. What will be the difference between ending inventory valuation at December 31, 2019, under the FIFO and LIFO cost flow assumptions? (Hint: Compute ending inventory under each method, and then compare results.) b. If the cost of mowers had increased to $960 each by December 1, and if management had purchased 30 mowers at that time, which cost flow assumption was probably being used by the firm? Explain your