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Problem - AICPA Adapted - Alternative Inventory Methods - Frate Company was formed on December 1, 2018, and uses the periodic inven tory system. The following information is available from Frate's inventory records for Product Ply:
Units
Unit/Cost
January 1, 2019 (beginning inventory)
800
$ 9.00
Purchases:
January 6, 2019
1,500
10.00
January 25, 2019
1,200
10.50
February 17, 2019
600
11.00
March 27, 2019
900
11.50
A physical inventory on March 31, 2019, shows 1,600 units on hand.
Required - Prepare schedules to compute the ending inventory at March 31, 2019, under each of the following inventory methods:
1. FIFO
2. LIFO
3. Weighted average
Show supporting computations in good form.
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