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)	3,700			$9.00
Purchases:
January 6, 2019	4,400			10.00
January 25, 2019	4,100			10.50
February 17, 2019	3,500			11.00
March 27, 2019	3,800			11.50

A physical inventory on March 31, 2019, shows 7,400 units on hand.

Required:

Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods. 1. FIFO

	Units	Unit cost	Total cost
March 27, 2019
February 17, 2019
January 25, 2019 (portion)
March 31, 2019 inventory

2. LIFO

	Units	Unit cost	Total cost
Beginning inventory
January 6, 2019 (portion)
March 31, 2019 inventory

3. Weighted average

	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