The paper presents the computational framework for solving hyperbolic models for compressible two-phase flow by finite volume methods. A hierarchy of two-phase flow systems of conservation-form equations is formulated, including a general model with different phase velocities, pressures and temperatures; a simplified single temperature model with equal phase temperatures; and an isentropic model. The solution of the governing equations is obtained by the MUSCL-Hancock method in conjunction with the GFORCE and GMUSTA fluxes. Numerical results are presented for the water faucet test case, the Riemann problem with a sonic point and the water-air shock tube test case. The effect of the pressure relaxation rate on the numerical results is also investigated.