Maurice Tutor

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Category > Accounting Posted 22 Jul 2017 My Price 11.00

Mower-Blower Sales Co

Cost-flow assumptions—FIFO and LIFO using a periodic system Mower-Blower Sales Co. started business on January 20, 2010. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2010 were as follows:

 

Blowers

Mowers

January 21

20 @ $200

  

February 3

40 @ 195

  

February 28

30 @ 190

  

March 13

20 @ 190

  

April 6

  

20 @ $210

May 22

  

40 @ 215

June 3

  

40 @ 220

June 20

  

60 @ 230

August 15

  

20 @ 215

September 20

  

20 @ 210

November 7

20 @ 200

  

The December 31, 2010, 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, 2010, and cost of goods sold for 2010, under the FIFO and LIFO cost-flow assumptions?

b. If the cost of mowers had increased to $240 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 answer.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 10:07 AM My Price 11.00

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