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PLEASE WRITE THE ANSWER IN THE SAME FORMAT. THANKS IN ADVANCE. The following information is taken from the inventory records of the CNB Company for
PLEASE WRITE THE ANSWER IN THE SAME FORMAT. THANKS IN ADVANCE.
The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 8,000 units @ $9.00 Purchases : 9/7 6,000 units @ $9.70 9/25 10,000 units @ $9.90 Sales : 9/10 9,000 units 9/29 9,000 units 6,000 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 Cost of Goods # of units Unit Cost Available for Sale 8,000 $ 9.00 $ 72,000 Cost of Goods Sold - Average Cost Average # of units Cost per Cost of sold Goods Sold Unit Ending Inventory - Average Cost # of units Average in ending Cost per Ending Inventory inventory unit Beginning Inventory Purchases: 9/7 9/25 6,000 $ 9.70 9.90 $ 10,000 24,000 58,200 99,000 229,200 Total $ 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 Septemb and September's ending inventory. (Enter inventory reductions for sales with a minus sign. Round cost per unit to 2 decimal places.) Perpetual Average Inventory on hand Cost per Inventory # of units unit Value # of units sold Cost of Goods Sold Average Cost Cost of Goods Sold per unit 0 Beginning Inventory Purchase - September 7 Subtotal Average Cost Sale - September 10 Subtotal Average Cost Purchase - September 25 Subtotal Average Cost Sale - September 29 Total 0 0 0 0 0 0 0 $ 0 Darunicod 1 DocStep by Step Solution
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