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) 4,300     $6.00 Purchases:               January 6, 2019 5,000     7.00       January 25, 2019 4,700     7.50       February 17, 2019 4,100     8.00       March 27, 2019 4,400     8.50 A physical inventory on March 31, 2019, shows 8,600 units on hand. Required: Question Content Area Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods. 1. FIFO FRATE COMPANYComputation of Inventory Under FIFO Inventory MethodMarch 31, 2019   Units Unit cost Total cost March 27, 2019 fill in the blank 854074fdb005fa3_1 $fill in the blank 854074fdb005fa3_2 $fill in the blank 854074fdb005fa3_3 February 17, 2019 fill in the blank 854074fdb005fa3_4 fill in the blank 854074fdb005fa3_5 fill in the blank 854074fdb005fa3_6 January 25, 2019 (portion) fill in the blank 854074fdb005fa3_7 fill in the blank 854074fdb005fa3_8 fill in the blank 854074fdb005fa3_9 March 31, 2019 inventory fill in the blank 854074fdb005fa3_10   $fill in the blank 854074fdb005fa3_11   Question Content Area 2. LIFO FRATE COMPANYComputation of Inventory Under LIFO Inventory MethodMarch 31, 2019   Units Unit cost Total cost Beginning inventory fill in the blank 9625980c0ff803f_1 $fill in the blank 9625980c0ff803f_2 $fill in the blank 9625980c0ff803f_3 January 6, 2019 (portion) fill in the blank 9625980c0ff803f_4 fill in the blank 9625980c0ff803f_5 fill in the blank 9625980c0ff803f_6 March 31, 2019 inventory fill in the blank 9625980c0ff803f_7   $fill in the blank 9625980c0ff803f_8   Question Content Area 3. Weighted average FRATE COMPANYComputation of Inventory Under Weighted Average Inventory MethodMarch 31, 2019   Units Unit cost Total cost Beginning inventory fill in the blank 7f8af9fb106001a_1 $fill in the blank 7f8af9fb106001a_2 $fill in the blank 7f8af9fb106001a_3 January 6, 2019 fill in the blank 7f8af9fb106001a_4 fill in the blank 7f8af9fb106001a_5 fill in the blank 7f8af9fb106001a_6 January 25, 2019 fill in the blank 7f8af9fb106001a_7 fill in the blank 7f8af9fb106001a_8 fill in the blank 7f8af9fb106001a_9 February 17, 2019 fill in the blank 7f8af9fb106001a_10 fill in the blank 7f8af9fb106001a_11 fill in the blank 7f8af9fb106001a_12 March 27, 2019 fill in the blank 7f8af9fb106001a_13 fill in the blank 7f8af9fb106001a_14 fill in the blank 7f8af9fb106001a_15 Total fill in the blank 7f8af9fb106001a_16   $fill in the blank 7f8af9fb106001a_17 Weighted average cost   $fill in the blank 7f8af9fb106001a_18   March 31, 2019 inventory fill in the blank 7f8af9fb106001a_19 $fill in the blank 7f8af9fb106001a_20 $fill in the blank 7f8af9fb106001a_21

Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 39 units @ $15 Oct. 7 Sale 31 units Oct. 15 Purchase 39 units @ $17 Oct. 24 Sale 13 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31.a. Cost of goods sold on October 24 fill in the blank 1 of 2b. Inventory on October 31 fill in the blank 2 of 2

UMET's Stores had the following inventory transactions in 2020:                       Transaction             Units          Cost per unit 1/1                 Balance                    50                      $6 2/14               Sale                          25                        5/23              Purchase                  100                     8 8/21              Sale                           50                      11/5              Purchase                   25                     12 11/18            Sale                           95                        Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average

Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 82 units @ $20 July 8 Sale 66 units July 15 Purchase 91 units @ $24 July 27 Sale 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31

Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 47 units @ $20         7 Sale 31 units       15 Purchase 35 units @ $23       24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine, (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 - $412 b. Inventory on October 31 - $ ??????

During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions for 2021: Number of Units 69 169 189 Unit Cost $64 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Total Cost $ 4,416 10,985 12,663 $28,064 65 67 427 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory %24 147 Cost of goods sold

Bonivesta Inc., a general merchandiser, uses the periodic inventory system. Transactions recorded for January 2022 are as follows: Opening inventory Issued Received Received Issued 10 January Stock taking Using the weighted average cost method, calculate the closing inventory on 10 January 2022 1 January 2 January 4 January 6 January 7 January OA. R1 208 OB. R4 810 O C. R28 60 O D. R3 602 200 units 70 units 130 units 150 units 307 units @R10 per unit @R12 per unit @R13 per unit

Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of 2016, the following information is available: Purchase returns and allowances $ 1,400 Inventory, 12/31/2016 11,900 Purchases 21,200 Inventory, 1/1/2016 10,800 Purchases discounts 600 Required: Prepare a schedule to compute Raynolde Company's cost of goods sold for 2016. RAYNOLDE COMPANY Cost of Goods Sold Schedule For the Year Ended December 31, 2016

Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system. 1. Journalize for Langley: a. Total October purchases in one summary entry. All purchases were on credit. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. (Please show the calculations/where the number is from) Ex: I didn't understand the part of the answer for the entry Cost of Goods Sold & Inventory 1,710. 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley’s ending inventory?

Mist Company uses a PERIODIC inventory system. Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020)   Purchases:   60 units @ $20 per unit   Purchase 1 on 3/8/21   140 units @ $28 per unit Purchase 2 on 8/5/21   50 units @ $32 per unit       Sales:     Sale 1 on 5/8/21   80 units @ $90 per unit Sale 2 on 9/13/21   125 units @ $90 per unit              Of the items sold on 5/8/2021, 60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase.    Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions.  Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per…