Question

Bella

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PE 7-25
LO 8
LIFO and a Perpetual Inventory System
Conaton Company reported the following inventory data for 2022:
Beginning inventory..
Purchases:
July 15.
October 11.
Units remaining at year-end: 300
Sales occurred as follows:
Units
Cost per Unit
300
$17.50
900
1,200
18.00
18.25
PE 7-26
LO (8
January 16.
July 23.
November 1.
Total.....
Units Sold
200
600
1,300
2,100
Compute (1) cost of goods sold and (2) ending inventory using a LIFO cost formula. The company uses
a perpetual inventory system.
Weighted Average Cost and a Perpetual Inventory System
Refer to PE 7-25. Compute (1) cost of goods sold and (2) ending inventory using a weighted average
cost formula for year 2022. The company uses a perpetual inventory system.