The following information is taken from the inventory records of the CNB Company for the month of September:

Beginning inventory,

9/1/202 16,000 units @ $11.00

Purchases:9/7 5,000 units @ $11.00

9/25 9,000 units @ $11.40 Sales:

9/10 8,000 units

9/29 9,200 units

2,800 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.