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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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) | 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
1. FIFO
| 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 |
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