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			$7.00
Purchases:
January 6, 2019	1,500			8.00
January 25, 2019	1,200			8.50
February 17, 2019	600			9.00
March 27, 2019	900			9.50

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

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

Open spreadsheet

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	fill in the blank 2	$ fill in the blank 3	$ fill in the blank 4
   February 17, 2019	fill in the blank 5	fill in the blank 6	fill in the blank 7
   January 25, 2019 (portion)	fill in the blank 8	fill in the blank 9	fill in the blank 10
   March 31, 2019 inventory	fill in the blank 11		$ fill in the blank 12

2. LIFO

   FRATE COMPANY
   Computation of Inventory Under LIFO Inventory Method
   March 31, 2019
   	Units	Unit cost	Total cost
   Beginning inventory	fill in the blank 13	$ fill in the blank 14	$ fill in the blank 15
   January 6, 2019 (portion)	fill in the blank 16	fill in the blank 17	fill in the blank 18
   March 31, 2019 inventory	fill in the blank 19		$ fill in the blank 20

3. Weighted average

   FRATE COMPANY
   Computation of Inventory Under Weighted Average Inventory Method
   March 31, 2019
   	Units	Unit cost	Total cost
   Beginning inventory	fill in the blank 21	$ fill in the blank 22	$ fill in the blank 23
   January 6, 2019	fill in the blank 24	fill in the blank 25	fill in the blank 26
   January 25, 2019	fill in the blank 27	fill in the blank 28	fill in the blank 29
   February 17, 2019	fill in the blank 30	fill in the blank 31	fill in the blank 32
   March 27, 2019 inventory	fill in the blank 33	fill in the blank 34	fill in the blank 35
   Total	fill in the blank 36		$ fill in the blank 37
   Weghted average cost		$ fill in the blank 38
   March 31, 2019 inventory	fill in the blank 39	$ fill in the blank 40	$ fill in the blank 41