Alternative Inventory Methods

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)	800			$ 9.00
Purchases:
January 6, 2019	1,500			10.00
January 25, 2019	1,200			10.50
February 17, 2019	600			11.00
March 27, 2019	900			11.50

A physical inventory on March 31, 2019, shows 1,600 units on hand.

Required:

Question Content Area

Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods. For each method, enter your answers in chronological order. Round your unit cost answers to two decimal places.

1. FIFO

FRATE COMPANY Computation of Inventory Under FIFO Inventory Method March 31, 2019

	Units	Unit cost	Total cost
Beginning inventoryJanuary 6, 2019 (portion)March 1, 2019March 27, 2019March 31, 2019	- Select -	$- Select -	$- Select -
Beginning inventoryJanuary 6, 2019 (portion)February 17, 2019March 27, 2019March 31, 2019	- Select -	- Select -	- Select -
Beginning inventoryJanuary 6, 2019 (portion)January 25, 2019 (portion)March 27, 2019March 31, 2019	- Select -	- Select -	- Select -
March 31, 2019 inventory			$

2. LIFO

FRATE COMPANY Computation of Inventory Under LIFO Inventory Method March 31, 2019

	Units	Unit cost	Total cost
Beginning inventoryJanuary 6, 2019 (portion)January 25, 2019 (portion)February 17, 2019March 27, 2019	- Select -	$- Select -	$- Select -
Beginning inventoryJanuary 6, 2019 (portion)January 25, 2019 (portion)February 17, 2019March 27, 2019	- Select -	- Select -	- Select -
March 31, 2019 inventory

Weighted average (For the weighted average method, round the average cost per unit to two decimal places.)

FRATE COMPANY Computation of Inventory Under Weighted Average Inventory Method March 31, 2019

	Units	Unit cost	Total cost
Beginning inventory
January 6, 2019
January 25, 2019
February 17, 2019
March 27, 2019
Total
Weighted average cost
March 31, 2019 inventory