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Toso Company uses the periodic inventory system to account for inventories. Information related to Toso Company's inventory at October 31 is given below:
October 1 Beginning inventory 400 units @ $10.00 = $ 4,0008 Purchase 800 units @ $10.40 = 8,32016 Purchase 600 units @ $10.80 = 6,48024 Purchase 200 units @ $11.60 = 2,320Total units and cost 2,000 units $21,120
Instructions1. 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.
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