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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 Purchases: 9/7 9/25
The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 Purchases: 9/7 9/25 Sales: 9/10 9/29 7,000 units @ $10.00 3,000 units @ $11.00 10,000 units @ $11.50 4,000 units 5,000 units 11,000 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.
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