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)	500			$8.00
Purchases:
January 6, 2019	1,200			9.00
January 25, 2019	900			9.50
February 17, 2019	300			10.00
March 27, 2019	600			10.50

A physical inventory on March 31, 2019, shows 1,000 units on hand.

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	na	na	na
February 17, 2019	na	na	na
January 25, 2019 (portion)	na	na	na
March 31, 2019 inventory	na		na2. LIFO

FRATE COMPANY Computation of Inventory Under LIFO Inventory Method March 31, 2019

	Units	Unit cost	Total cost
Beginning inventory	na	na	na
January 6, 2019 (portion)	na	na	na
March 31, 2019 inventory	na		na 3. Weighted average

FRATE COMPANY Computation of Inventory Under Weighted Average Inventory Method March 31, 2019

	Units	Unit cost	Total cost
Beginning inventory	na	na	na
January 6, 2019	na	na	na
January 25, 2019	na	na	na
February 17, 2019	na	na	na
March 27, 2019	na	na	na
Total	na		na
Weighted average cost		na
March 31, 2019 inventory	na	na	na