Computing inventory and cost of goods sold under three flow assumptions (LO 9-4)

AICPA

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Frate Company was formed on January 1, 2017. The following information is available from Frates inventory records for Product Ply:

	Units	Unit Cost
January 1, 2017
Beginning inventory	800	$ 9.00
Purchases:
January 5, 2017	1,500	10.00
May 25, 2017	1,200	10.50
July 16, 2017	600	11.00
November 26, 2017	900	11.50

A physical inventory on December 31, 2017, shows 1,600 units on hand.

Required:

Prepare schedules to compute the ending inventory at December 31, 2017, and cost of goods sold for the year ended December 31, 2017 under each of the following inventory methods:

1. FIFO

2. LIFO

3. Weighted average

Show supporting computations in good form.