Sunday 10 November 2019

Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following


Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply:

Units

Unit Cost

January 1, 2016 (beginning inventory) 3,600

$10.00
Purchases:



      January 6, 2016 4,300

11.00
      January 25, 2016 4,000

11.50
      February 17, 2016 3,400

12.00
      March 27, 2016 3,700

12.50
A physical inventory on March 31, 2016 shows 7,200 units on hand.
Required:
For each method, enter your answers in chronological order.
Prepare schedules to compute the ending inventory at March 31, 2016, under each of the following inventory methods:
(For the weighted average method, round the average cost per unit to two decimal places.)
1. FIFO
FRATE COMPANY
Computation of Inventory for Product Ply Under FIFO Inventory Method
March 31, 2016

Units Unit cost Total cost


$ $








March 31, 2016 inventory

$
2. LIFO
FRATE COMPANY
Computation of Inventory for Product Ply Under LIFO Inventory Method
March 31, 2016

Units Unit cost Total cost


$ $




March 31, 2016 inventory

$
3. Weighted average
FRATE COMPANY
Computation of Inventory for Product Ply Under Weighted Average Inventory Method
March 31, 2016

Units Unit cost Total cost
Beginning inventory
$ $
January 6, 2016


January 25, 2016


February 17, 2016


March 27, 2016


Total

$
Weighted average cost
$
March 31, 2016 inventory

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