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Computing inventory and cost of goods sold under three flow assumptions (LO 9-4) AICPA ADAPTED...

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Accounting

Computing inventory and cost of goods sold under three flow assumptions (LO 9-4)

AICPA

ADAPTED

Frate Company was formed on January 1, 2017. The following information is available from Frates inventory records for Product Ply:

Units

Unit Cost

January 1, 2017

Beginning inventory

800

$ 9.00

Purchases:

January 5, 2017

1,500

10.00

May 25, 2017

1,200

10.50

July 16, 2017

600

11.00

November 26, 2017

900

11.50

A physical inventory on December 31, 2017, shows 1,600 units on hand.

Required:

Prepare schedules to compute the ending inventory at December 31, 2017, and cost of goods sold for the year ended December 31, 2017 under each of the following inventory methods:

  1. FIFO

  2. LIFO

  3. Weighted average

Show supporting computations in good form.

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