Frate Company was formed on December 1, 2018, and uses the periodic inventory system. The following...

 

Transcribed Image Text:

Frate Company was formed on December 1, 2018, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply: Units Unit Cost January 1, 2019 (beginning inventory) 1,100 $11.00 Purchases: January 6, 2019 January 25, 2019 February 17, 2019 March 27, 2019 1,800 12.00 1,500 12.50 900 13.00 1,200 13.50 A physical inventory on March 31, 2019, shows 2,200 units on hand. Required: Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods. 1. FIFO FRATE COMPANY Computation of Inventory Under FIFO Inventory Method March 31, 2019 Units Unit cost Total cost March 27, 2019 February 17, 2019 January 25, 2019 (portion) eBook 1. FIFO FRATE COMPANY eBook Picthod March 31, 2019 Units Unit cost Total cost Computation of Inventory Under FIFO Inventory Method March 31, 2019 Units Beginning inventory Unit cost Total cost January 6, 2019 (portion) March 27, 2019 February 17, 2019 January 25, 2019 (portion) March 31, 2019 inventory 2. LIFO FRATE COMPANY Computation of Inventory Under LIFO Inventory March 31, 2019 inventory 3. Weighted average FRATE COMPANY Computation of Inventory Under Weighted Average Inventory Method March 31, 2019 Units Unit cost Total cost Beginning inventory Method January 6, 2019 March 31, 2019 January 25, 2019 Units Unit cost Total cost Beginning inventory January 6, 2019 (portion) March 31, 2019 inventory 3. Weighted average FRATE COMPANY $ Computation of Inventory Under Weighted Average February 17, 2019 March 27, 2019 Total Weighted average cost March 31, 2019 inventory Check My Work Check My Work Search 100 Frate Company was formed on December 1, 2018, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply: Units Unit Cost January 1, 2019 (beginning inventory) 1,100 $11.00 Purchases: January 6, 2019 January 25, 2019 February 17, 2019 March 27, 2019 1,800 12.00 1,500 12.50 900 13.00 1,200 13.50 A physical inventory on March 31, 2019, shows 2,200 units on hand. Required: Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods. 1. FIFO FRATE COMPANY Computation of Inventory Under FIFO Inventory Method March 31, 2019 Units Unit cost Total cost March 27, 2019 February 17, 2019 January 25, 2019 (portion) eBook 1. FIFO FRATE COMPANY eBook Picthod March 31, 2019 Units Unit cost Total cost Computation of Inventory Under FIFO Inventory Method March 31, 2019 Units Beginning inventory Unit cost Total cost January 6, 2019 (portion) March 27, 2019 February 17, 2019 January 25, 2019 (portion) March 31, 2019 inventory 2. LIFO FRATE COMPANY Computation of Inventory Under LIFO Inventory March 31, 2019 inventory 3. Weighted average FRATE COMPANY Computation of Inventory Under Weighted Average Inventory Method March 31, 2019 Units Unit cost Total cost Beginning inventory Method January 6, 2019 March 31, 2019 January 25, 2019 Units Unit cost Total cost Beginning inventory January 6, 2019 (portion) March 31, 2019 inventory 3. Weighted average FRATE COMPANY $ Computation of Inventory Under Weighted Average February 17, 2019 March 27, 2019 Total Weighted average cost March 31, 2019 inventory Check My Work Check My Work Search 100