The Frate Company was formed on December 1, 2009. The following information is available from Frates inventory

The Frate Company was formed on December 1, 2009. The following information is available from Frate’s inventory records for Product Ply:

A physical inventory on March 31, 2010 shows 1,600 units on hand.

Required
Prepare schedules to compute the ending inventory at March 31, 2010 under each of the following inventory methods:
1. FIFO
2. LIFO
3. Weighted average
Show supporting computations in goodform.

Transcribed Image Text:

Units Unit Cost January 1, 2010 (beginning inventory) 800 $ 9.00 Purchases January 6, 2010 January 25, 2010 February 17, 2010 March 27, 2010 1,500 1,200 600 900 10.00 10.50 11.00 11.50