(Solved): Problem 5-33 (Algo) Cost flow assumptions-FIFO and LIFO using a periodic system LO \( 5-7,5-8 \) ...

Problem 5-33 (Algo) Cost flow assumptions-FIFO and LIFO using a periodic system LO \( 5-7,5-8 \) Mower-Blower Sales Company started business on January 20, 2022. Products sold were snow blowers and lawn mowers. Each product sold for \( \$ 350 \). Purchases during 2022 were as follows: The December 31, 2022, inventory included 7 blowers and 27 mowers. Assume the company uses a periodic inventory system. Required: a. 1. Compute ending inventory valuation at December 31, 2022, under the FIFO and LIFO cost flow assumptions. 2. Is there any difference in valuation under FIFO and LIFO. b. If the cost of mowers had increased to \( \$ 243 \) each by December 26th, and if management had purchased 30 mowers just before the end of the year, which cost flow assumption was probably being used by the firm? Complete this question by entering your answers in the tabs below. Compute ending inventory valuation at December 31,2022 , under the FIFO and LIFO cost flow assumptions. Problem \( 5-33 \) (Algo) Cost flow assumptions-FIFO and LIFO using a periodic system LO \( 5-7,5-8 \) Mower-Blower Sales Company started business on January 20, 2022. Products sold were snow blowers and lawn mowers. Each product sold for \( \$ 350 \). Purchases during 2022 were as follows: The December 31, 2022, inventory included 7 blowers and 27 mowers. Assume the company uses a periodic inventory system. Required: a. 1. Compute ending inventory valuation at December 31, 2022, under the FIFO and LIFO cost flow assumptions. 2. Is there any difference in valuation under FIFO and LIFO. b. If the cost of mowers had increased to \( \$ 243 \) each by December 26 th, and if management had purchased 30 mowers just before the end of the year, which cost flow assumption was probably being used by the firm? Complete this question by entering your answers in the tabs below. a2. Is there any difference in valuation under FIFO and LIFO. b. If the cost of mowers had increased to \( \$ 243 \) each by December 26 th, and if management had purchased 30 mowers just before the end of the year, which cost flow assumption was probably being used by the firm?