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Difference between ending inventory valuation and cost of goods sold.
Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2009 were as follows:
Blowers
Mowers
Jan 21
20@200
Feb 3
40@195
Feb 28
30 @190
Mar 13
20@190
Apr 6
20@120
May 22
40@215
Jun 3
40@220
Jun 20
60@230
Aug 15
20@215
Sep 20
20@210
Nov 7
In inventory at Dec 31, 2009, 10 blowers and 25 mowers. Assume the coy uses a period inventory system. What will be the difference between ending inventory valuation at December 31, 2009, and the cost of goods sold for 2009, under FIFO and LIFO cost-flow assumptions? Hint: compute ending inventory and cost of goods sold under each method, and then compare results.
Compute cost of goods available for sale and the number of units available for sale and compute the number of units in ending inventory.
below is budgeted production and sales information for fleming inc. for december. the unit selling price is 4.estimated
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