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Torrey Company uses the periodic inventory system to account for inventories. Information related to Torrey Company's...

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 x $10.00 = $4,000 8 Purchase 800 units x $10.40 = 8,320 16 Purchase 600 units x $10.80 = 6,480 24 Purchase 200 units x $11.60 = 2,320 Total units and cost 2,000 units $21,120

Value the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31.

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

Value the ending inventory using the LIFO cost assumption if 500 units remain on hand at October 31.

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