Alternative Inventory Methods Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply: Units Unit Cost January 1, 2016 (beginning inventory) $11.00 1,500 Purchases: January 6, 2016 2,200 12.00 January 25, 2016 1,900 12.50 February 17, 2016 1,300 13.00 March 27, 2016 1,600 13.50 A physical inventory on March 31, 2016 shows 3,000 units on hand. Required: For each method, enter your answers in chronological order. Prepare schedules to compute the ending inventory at March 31, 2016, under each of the following inventory methods: (For the weighted average method, round the average cost per unit to two decimal places.) 1. FIFO FRATE COMPANY Computation of Inventory for Product Ply Under FIFO Inventory Method March 31, 2016 Units Unit cost Total cost March 31, 2016 inventory
Alternative Inventory Methods Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply: Units Unit Cost January 1, 2016 (beginning inventory) $11.00 1,500 Purchases: January 6, 2016 2,200 12.00 January 25, 2016 1,900 12.50 February 17, 2016 1,300 13.00 March 27, 2016 1,600 13.50 A physical inventory on March 31, 2016 shows 3,000 units on hand. Required: For each method, enter your answers in chronological order. Prepare schedules to compute the ending inventory at March 31, 2016, under each of the following inventory methods: (For the weighted average method, round the average cost per unit to two decimal places.) 1. FIFO FRATE COMPANY Computation of Inventory for Product Ply Under FIFO Inventory Method March 31, 2016 Units Unit cost Total cost March 31, 2016 inventory
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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