The following information is taken from the inventory records of the CNB Company for the month of September: 9/7 Beginning inventory 9/1/2021 8,000 units @ $10.00 Purchases: 6,000 units @ $10.70 9/25 9,000 units $12.60 Sales: 9/10 8.000 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.) Ending Inventory - Average Cost Average Cost Cost of Goods Available for Sale Cost of # of Goods units Cost Available for Sale 8,000 $ 10.00 $ 80.000 Cost of Goods Sold - Average Cost # of Average Cost of units Cost per Goods sold Unit Sold Unit # of units in ending inventory Average Cost per unit Ending Inventory 7 Beginning Inventory Purchases: 9/ 9/25 Total 6 ,000 9,000 $ 10.70 $ 12.60 64,200 113.400 $ 257,600 17,000 $ 11.20 $190,400 2,000s 11.20 $ 78,400 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 @ $10.00 Purchases: 9/7 6,000 units @ $10.70 9/25 9,000 units @ $12.50 Sales: 9/10 8,000 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 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.) Perpetual Average # of units sold Cost of Goods Sold Average Cost of Cost per Goods unit Sold Inventory on hand Cost Inventory # of units per unit Value 8,000 $ 10.00 $ 80,000 6.000 10.70 64.200 14.000 10.30 144,200 (8,000) 10.30 (82,400) 6,000 10.30 61,800 9.000 12.60 113,400 15.000 11.51% 175,200 (9,000) 11.51 X (103,590) 6,000 11.51X $ 71,610 8,000 $ 10.30 $ Beginning Inventory Purchase - September 7 Subtotal Average Cost Sale - September 10 Subtotal Average Cost Purchase - September 25 Subtotal Average Cost Sale - September 29 Total 82,400 11.51 9.000 17.000 103,590 185,990 $
