Alternative Inventory Methods

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

	Units			Unit Cost
January 1, 2016 (beginning inventory)	1600			$10.00
Purchases:
January 6, 2016	2300			11.00
January 25, 2016	2000			11.50
February 17, 2016	1400			12.00
March 27, 2016	1700			12.50

A physical inventory on March 31, 2016 shows 3200 units on hand.

Required:

For each method, enter your answers in chronological order.

Prepare schedules to compute the ending inventory at March 31, 2016 the under the following inventory methods: (For the weighted average method, round the average cost per unit to two decimal places.) 1. FIFO

FRATE COMPANY
Computation of Inventory for Product Ply Under FIFO Inventory Method
March 31, 2016
	Units	Unit cost	Total cost
Beginning inventory		$	$
January 6, 2016 (portion)
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		$	$
March 31, 2016 inventory			$

3. Weighted average

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		$	$