Alternative Inventory Methods

Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply:

	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 27, 2016	______	$______	$______
February 17, 2016	______	_______	_______
January 25, 2016 (portion)	______	_______	_______
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
Beginning inventory	_____	$______	$______
January 6, 2016 (portion)	______	_______	_______
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	______	$______	$_______