1. Gray Company uses the periodic inventory system to account for inventories. Information related to Gray Company's inventory at October 31 is given below October 1 Beginning inventory 8 Purchase Purchase

16 24 Purchase Total units and cost 400 units@ $9.80 = 800 units @ $10.40= 600 units $10.80= 200 units $11.80= 2.000 units 2. Weighted Average 3 LIFO Page $3,920 8,320 6,480 2,360 $21.080 Instructions 1. Show computations to value the ending inventory using the FIFO cost assumption if 550 units remain on hand at October 31. 2 Show computations to value the ending inventory using the weighted-average cost method if 550 units remain on hand at October 31. Show computations to value the ending inventory using the LIFO cost assumtion if 550 units remain on hand at October 31. SHOW YOUR WORK. 1. FIFO: