Weighted average

FRATE COMPANY

Computation of Inventory Under Weighted Average

Inventory Method

March $31,$ Year $2$Frate Company was formed on December $1,$ Year $1,$ and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply:

Units Unit Cost

January $1,$ Year $2($beginning inventory$)1,000$ $$7\mathrm{.}00$

Purchases:

January $6,$ Year $21,7008\mathrm{.}00$

January $25,$ Year $21,4008\mathrm{.}50$

February $17,$ Year $28009\mathrm{.}00$

March $27,$ Year $21,1009\mathrm{.}50$

A physical inventory on March $31,$ Year $2,$ shows $2,000$ units on hand.

Required:

Question Content Area

Prepare schedules to compute the ending inventory at March $31,$ Year $2,$ under each of the following inventory methods.

FIFO

FRATE COMPANY

Computation of Inventory Under FIFO Inventory

Method

March $31,$ Year $2$

LIFO

FRATE COMPANY

Computation of Inventory Under LIFO Inventory

Method

March $31,$ Year $2$

$3.$ Weighted average

FRATE COMPANY

Computation of Inventory Under Weighted Average Inventory Method

March $31,$ Year $2$

Units Unit cost Total cost

Beginning inventory fill in the blank

$fill in the blank

$fill in the blank

January $6$ fill in the blank

fill in the blank

fill in the blank

January $25$ fill in the blank

fill in the blank

fill in the blank

February $17$ fill in the blank

fill in the blank

fill in the blank

March $27$ fill in the blank

fill in the blank

fill in the blank

Total fill in the blank

$fill in the blank

Weighted average cost fill in the blank

March $31$ inventory