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.
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:
3. Weighted average
Show supporting computations in good form.