Frate Company was formed on January 1, 2017. The following information is available from Frate's inventory records for Product Ply:

A physical inventory on December 31, 2017, shows 1,600 units on hand.
Required:
Prepare schedules to compute the ending inventory at December 31, 2017, and cost of goods sold for the year ended December 31, 2017 under each of the following inventory methods:
1. FIFO
2. LIFO
3. Weighted average
Show supporting computations in good form.

Transcribed Image Text:

Units Unit Cost January 1, 2017 Beginning inventory 800 $9.00 Purchases: January 5, 2017 May 25, 2017 July 16, 2017 November 26, 2017 1,500 1,200 600 900 10.00 10.50 11.00 11.50