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) 2,700 $6.00 Purchases: January 6, 2019 3,400 7.00 January 25, 2019 3,100 7.50 February 17, 2019 2,500 8.00 March 27, 2019 2,800 8.50 A physical inventory on March 31, 2019, shows 5,400 units on hand. Required: > Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following Inventory methods. 1. FIFO FRATE COMPANY Computation of Inventory Under FIFO Inventory Method March 31, 2019 Units Unit cost Total cost March 27, 2019 2.800 S 8.50 $ 22.600 X February 17, 2019 2,500 8 26.400 X January 25, 2019 (portion) 100 7.50 750 March 31, 2019 Inventory 5,400 57.750 X 2. LIFO FRATE COMPANY Computation of Inventory Under LIFO Inventory Method March 31, 2019 Units Unit cost Total cost Beginning inventory 3,500 X $ 6 $ 21,000 X January 6, 2019 (portion) 3,500 X 24,500 X March 31, 2019 inventory 7,000 X S 45,500 X Feedback 3. Weighted average FRATE COMPANY Computation of Inventory Under Weighted Average Inventory Method March 31, 2019 Units Unit cost Total cost Beginning inventory 3,500 X 5 6 s 21,000 January 6, 2019 4,200 X 7 29,400 x January 25, 2019 3,900 X 7.5 29,250 X February 17, 2019 3,300 X 8 26,400 x March 27, 2019 3,600 X 8.5 30,600 X Total 3,600 X 30.600 Weighted average cost 73,865 March 31, 2019 Inventory 7,000 73.865 51,706