Torrey Company uses the periodic inventory system to account for inventories. Information related to Torrey Company's inventory at October 31 is given below:

October 1 Beginning inventory 400 units @ $10.00 = $ 4,000

8 Purchase 800 units @ $10.40 = 8,320

16 Purchase 600 units @ $10.80 = 6,480

24 Purchase 200 units @ $11.60 = 2,320

Total units and cost 2,000 units $21,120

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.