Toso Company uses the periodic inventory system to account for inventories. Information related to Toso Company's inventory at October 31 is given below: Instructions
1. Show computations to value the ending inventory using the FIFO cost assumption if 550 units remain on hand at October 31.
2. Show computations to value the ending inventory using the weighted-average cost method if 550 units remain on hand at October 31.
3. Show computations to value the ending inventory using the LIFO cost assumption if 550 units remain on hand at October 31.

Question

Toso Company uses the periodic inventory system to account for inventories. Information related to Toso Company's inventory at October 31 is given below:  Instructions
1. Show computations to value the ending inventory using the FIFO cost assumption if 550 units remain on hand at October 31.
2. Show computations to value the ending inventory using the weighted-average cost method if 550 units remain on hand at October 31.
3. Show computations to value the ending inventory using the LIFO cost assumption if 550 units remain on hand at October 31.

Quizplus · Accepted Answer

The Answer of Toso Company uses the periodic inventory system to account for inventories. Information related to Toso Company's inventory at October 31 is given below:  Instructions
1. Show computations to value the ending inventory using the FIFO cost assumption if 550 units remain on hand at October 31.
2. Show computations to value the ending inventory using the weighted-average cost method if 550 units remain on hand at October 31.
3. Show computations to value the ending inventory using the LIFO cost assumption if 550 units remain on hand at October 31.

Toso Company Uses the Periodic Inventory System to Account for Inventories