Torrey Company uses the periodic inventory system to account for inventories. Information related to Torrey Company's inventory at October 31 is given below: Instructions
1. Show computations to value the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31.
2. Show computations to value the ending inventory using the weighted-average cost method if 500 units remain on hand at October 31.
3. Show computations to value the ending inventory using the LIFO cost assumption if 500 units remain on hand at October 31.

Question

Torrey Company uses the periodic inventory system to account for inventories. Information related to Torrey Company's inventory at October 31 is given below:  Instructions
1. Show computations to value the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31.
2. Show computations to value the ending inventory using the weighted-average cost method if 500 units remain on hand at October 31.
3. Show computations to value the ending inventory using the LIFO cost assumption if 500 units remain on hand at October 31.

Quizplus · Accepted Answer

The Answer of Torrey Company uses the periodic inventory system to account for inventories. Information related to Torrey Company's inventory at October 31 is given below:  Instructions
1. Show computations to value the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31.
2. Show computations to value the ending inventory using the weighted-average cost method if 500 units remain on hand at October 31.
3. Show computations to value the ending inventory using the LIFO cost assumption if 500 units remain on hand at October 31.

Torrey Company Uses the Periodic Inventory System to Account for Inventories