Frate Company was formed on January 1, 2014. The following information is available from Frates inventory records

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 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.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...