8.3

The following information is taken from the inventory records of the CNB Company for the month of September:

Beginning inventory, 9/1/2018	6,000	units @ $11.00
Purchases:
9/7	4,000	units @ $11.40
9/25	10,000	units @ $11.70
Sales:
9/10	5,000	units
9/29	7,000	units
8,000 units were on hand at the end of September.
Required: 1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. 2. Repeat requirement 1 assuming that the company uses a perpetual inventory system.