Exercise 8-17 (Static) Average cost method; periodic and perpetual systems [LO8-1, 8-4] The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 5,000 units @ $10.00 Purchases: 9/7 3,000 units @ $10.40 9/25 8,000 units @ $10.75 Sales: 9/10 4,000 units 9/29 5,000 units 7,000 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. Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. (Round cost per unit to 2 decimal places.) Average Cost Cost of Goods Available for Sale Unit Cost of Goods # of units Available for Cost Sale 5,000 $10.00 $ 50.000 Cost of Goods Sold - Average Cost Average # of units Cost of sold Cost per Goods Sold Unit Ending Inventory - Average Cost # of units Average Ending in ending Cost per Inventory inventory unit Beginning Inventory Purchases: 9/7 9/25 Total 3,000 $ 10.40 8,000 $ 10.75 16,000 31,200 86.000 $ 167,200 Beginning inventory, 9/1/2021 5,000 units @ $10.00 Purchases: 9/7 3,000 units @ $10.40 9/25 8,000 units @ $10.75 Sales: 9/10 4,000 units 9/29 5,000 units 7,000 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. Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. (Enter inventory reductions for sales with a minus sign. Round cost per unit to 2 decimal places.) Inventory on hand Cost of Goods Sold Perpetual Average # of units Cost per Inventory # of units Average Cost of unit Value sold Cost per unit Goods Sold Beginning Inventory Purchase - September 7 Subtotal Average Cost Sale - September 10 Subtotal Average Cost Purchase - September 25 Subtotal Average Cost Sale - September 29 Total D