Question

Frate Company was formed on January 1, 2014. The following information is available from Frate’s inventory records for Product Ply:

.:.
A physical inventory on December 31, 2014, shows 1,600 units on hand.

Required:
Prepare schedules to compute the ending inventory at December 31, 2014, and cost of goods sold for the year ended December 31, 2014 under each of the following inventory methods:
1. FIFO
2. LIFO
3. Weighted average
Show supporting computations in good form.



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  • CreatedSeptember 10, 2014
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