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

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2-Value the ending inventory using the average-cost method if 500 units remain on hand at October 31.

Ending Inventory

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