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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
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 |
1-Value the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31.
Ending Inventory | $enter ending Inventory in dollars |
2-Value the ending inventory using the average-cost method if 500 units remain on hand at October 31.
Ending Inventory | $enter ending Inventory in dollars |
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