Torrey Company Uses the Periodic Inventory System to Account for Inventories

question 209

Essay

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.

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Definitions:

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A substance in foods that can trigger an abnormal immune response in some individuals, leading to allergic reactions.

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A family of plants including beans, peas, and lentils, known for their ability to fix nitrogen and their nutritional seeds.