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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: January 1, 2019 (begin January 6, 2019 Unit Unit Cost 1,800 4,500 4,200 1,600 8.00 8.50 10.00 February 17, 2019 March 27, 2018 A physical inventory on March 31, 2019, shows 7,600 units on hand. Required: Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods. 1. FIFO FRATE COMPANY Computation of Inventory Under FIFO Inventory Method

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: January 1, 2019 (begin January 6, 2019 Unit Unit Cost 1,800 4,500 4,200 1,600 8.00 8.50 10.00 February 17, 2019 March 27, 2018 A physical inventory on March 31, 2019, shows 7,600 units on hand. Required: Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods. 1. FIFO FRATE COMPANY Computation of Inventory Under FIFO Inventory Method

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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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: January 1, 2019 (beginning inventory) Purchases January 6, 2019 January 25, 2019 February 17, 2019 March 27, 2019 1,900 A physical inventory on March 31, 2019, shows 7,600 units on hand. Required: 1. FIFO Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods. March 27, 2019 February 17, 2019 January 25, 2019 [portion) March 31, 2018 inventory 2. LIFO Units Unit Cost 3,000 $4.00 FRATE COMPANY Computation of Inventory Under FIFO Inventory Method March 31, 2019 Beginning inventory January 6, 2019 (portion) March 31, 2019 inventory 4,500 4,200 March 31, 2019 FRATE COMPANY Computation of Inventory Under LIFO Inventory Method 3. Weighted average Begiving inventory January 6, 2019 January 25, 2019 February 17, 2019 March 27, 2019 Total Weighted average cost March 31, 2019 inventory 9.00 10.00 Units Unit cost Total cost FRATE COMPANY Computation of Inventory Under Weighted Average Inventory Method March 31, 2019 Units Unit cost Total cost Units Unit cost Total cost
Transcribed Image Text: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: January 1, 2019 (beginning inventory) Purchases January 6, 2019 January 25, 2019 February 17, 2019 March 27, 2019 1,900 A physical inventory on March 31, 2019, shows 7,600 units on hand. Required: 1. FIFO Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods. March 27, 2019 February 17, 2019 January 25, 2019 [portion) March 31, 2018 inventory 2. LIFO Units Unit Cost 3,000 $4.00 FRATE COMPANY Computation of Inventory Under FIFO Inventory Method March 31, 2019 Beginning inventory January 6, 2019 (portion) March 31, 2019 inventory 4,500 4,200 March 31, 2019 FRATE COMPANY Computation of Inventory Under LIFO Inventory Method 3. Weighted average Begiving inventory January 6, 2019 January 25, 2019 February 17, 2019 March 27, 2019 Total Weighted average cost March 31, 2019 inventory 9.00 10.00 Units Unit cost Total cost FRATE COMPANY Computation of Inventory Under Weighted Average Inventory Method March 31, 2019 Units Unit cost Total cost Units Unit cost Total cost
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