Frate Company was formed on January 1, 20X1. The following information is available from Frate’s inventory records for Product Ply:

A physical inventory on December 31, 20X1, shows 1,600 units on hand.

Required:

Prepare schedules to compute the ending inventory at December 31, 20X1, and cost of goods sold for the year ended December 31, 20X1, 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, 20X1 Beginning inventory Purchases: 800 $ 9.00 January 5, 20X1 May 25, 20X1 July 16, 20X1 November 26, 20XI 1,500 10.00 1,200 10.50 11.00 11.50 600 900