Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information
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Question:
Units | Unit Cost | |||
---|---|---|---|---|
January 1, 2016 (beginning inventory) | 800 | $ 9.00 | ||
Purchases: | ||||
January 6, 2016 | 1,500 | 10.00 | ||
January 25, 2016 | 1,200 | 10.50 | ||
February 17, 2016 | 600 | 11.00 | ||
March 27, 2016 | 900 | 11.50 |
A physical inventory on March 31, 2016 shows 1,600 units on hand.
Required:
For each method, enter your answers in chronological order.
Prepare schedules to compute the ending inventory at March 31, 2016, under each of the following inventory methods:
1. FIFO
FRATE COMPANY | |||
Computation of Inventory for Product Ply Under FIFO Inventory Method | |||
March 31, 2016 | |||
Units | Unit cost | Total cost | |
$ | $ | ||
March 31, 2016 inventory | $ |
2. LIFO
FRATE COMPANY | |||
Computation of Inventory for Product Ply Under LIFO Inventory Method | |||
March 31, 2016 | |||
Units | Unit cost | Total cost | |
$ | $ | ||
March 31, 2016 inventory | $ |
3. Weighted average (For the weighted average method, round the average cost per unit to two decimal places.)
FRATE COMPANY | |||
Computation of Inventory for Product Ply Under Weighted Average Inventory Method | |||
March 31, 2016 | |||
Units | Unit cost | Total cost | |
Beginning inventory | $ | $ | |
January 6, 2016 | |||
January 25, 2016 | |||
February 17, 2016 | |||
March 27, 2016 | |||
Total | $ | ||
Weighted average cost | $ | ||
March 31, 2016 inventory | $ | $ |
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
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