Alternative Inventory Methods 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) $11.00 1,500 Purchases: January 6, 2016 2,200 12.00 January 25, 2016 1,900 12.50 February 17, 2016 1,300 13.00 March 27, 2016 1,600 13.50 A physical inventory on March 31, 2016 shows 3,000 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
Alternative Inventory Methods 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) $11.00 1,500 Purchases: January 6, 2016 2,200 12.00 January 25, 2016 1,900 12.50 February 17, 2016 1,300 13.00 March 27, 2016 1,600 13.50 A physical inventory on March 31, 2016 shows 3,000 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
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
Transcribed Image Text:Alternative Inventory Methods
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)
1,500
$11.00
Purchases:
January 6, 2016
2,200
12.00
January 25, 2016
1,900
12.50
February 17, 2016
1,300
13.00
March 27, 2016
1,600
13.50
A physical inventory on March 31, 2016 shows 3,000 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

Transcribed Image Text: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
2$
%24
January 6, 2016
January 25, 2016
February 17, 2016
March 27, 2016
Total
Weighted average cost
March 31, 2016 inventory
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