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Question - 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)
3,700
$9.00
Purchases:
January 6, 2019
4,400
10.00
January 25, 2019
4,100
10.50
February 17, 2019
3,500
11.00
March 27, 2019
3,800
11.50
A physical inventory on March 31, 2019, shows 7,400 units on hand.
Required - Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods.
1. FIFO
2. LIFO
3. Weighted average
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