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I need explanation 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
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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 perlodic 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 Required 1 Required 2 of units Average 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.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory Average Cost Average cost Unit Cost of Goods Cost of # of units Average Ending # of units Cost Available for sold Cost per Sale Cost per In ending Unit Goods Sold unit Inventory Inventory Beginning Inventory 5,000 51000 $ 50,000 Purchases an 3.000 $10.40 31,200 9/25 3 000 $ 10.75 80000 Tot 10.000 S 107 200 Required 2 > Required 1 Required 2 sold 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 Cost per Inventory of units # of units Average Cost of unit Value Cost per unit Goods Sold Beginning Inventory Purchase - September 7 Subtotal Average Cost Sale September 10 Subtotal Average Cost Purchase - September 25 Subtotal Averago Cost Sale - September 29 Total 5 0 0 0 0 0 0 $ 0 0 Step by Step Solution
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