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)	4,400			$6.00
Purchases:
January 6, 2016	5,100			7.00
January 25, 2016	4,800			7.50
February 17, 2016	4,200			8.00
March 27, 2016	4,500			8.50

A physical inventory on March 31, 2016 shows 8,800 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: (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
	fill in the blank 6b39b1faafb2ff6_2	$fill in the blank 6b39b1faafb2ff6_3	$fill in the blank 6b39b1faafb2ff6_4
	fill in the blank 6b39b1faafb2ff6_6	fill in the blank 6b39b1faafb2ff6_7	fill in the blank 6b39b1faafb2ff6_8
	fill in the blank 6b39b1faafb2ff6_10	fill in the blank 6b39b1faafb2ff6_11	fill in the blank 6b39b1faafb2ff6_12
March 31, 2016 inventory	fill in the blank 6b39b1faafb2ff6_13		$fill in the blank 6b39b1faafb2ff6_14

2. LIFO

FRATE COMPANY
Computation of Inventory for Product Ply Under LIFO Inventory Method
March 31, 2016
	Units	Unit cost	Total cost
	fill in the blank 3b93d0018fa0f85_2	$fill in the blank 3b93d0018fa0f85_3	$fill in the blank 3b93d0018fa0f85_4
	fill in the blank 3b93d0018fa0f85_6	fill in the blank 3b93d0018fa0f85_7	fill in the blank 3b93d0018fa0f85_8
March 31, 2016 inventory	fill in the blank 3b93d0018fa0f85_9		$fill in the blank 3b93d0018fa0f85_10

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	fill in the blank 875aa8fccfe002d_1	$fill in the blank 875aa8fccfe002d_2	$fill in the blank 875aa8fccfe002d_3
January 6, 2016	fill in the blank 875aa8fccfe002d_4	fill in the blank 875aa8fccfe002d_5	fill in the blank 875aa8fccfe002d_6
January 25, 2016	fill in the blank 875aa8fccfe002d_7	fill in the blank 875aa8fccfe002d_8	fill in the blank 875aa8fccfe002d_9
February 17, 2016	fill in the blank 875aa8fccfe002d_10	fill in the blank 875aa8fccfe002d_11	fill in the blank 875aa8fccfe002d_12
March 27, 2016	fill in the blank 875aa8fccfe002d_13	fill in the blank 875aa8fccfe002d_14	fill in the blank 875aa8fccfe002d_15
Total	fill in the blank 875aa8fccfe002d_16		$fill in the blank 875aa8fccfe002d_17
Weighted average cost		$fill in the blank 875aa8fccfe002d_18
March 31, 2016 inventory	fill in the blank 875aa8fccfe002d_19	$fill in the blank 875aa8fccfe002d_20	$fill in the blank 875aa8fccfe002d_21