Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 6,000 units & $10.00

image text in transcribed
image text in transcribed
image text in transcribed
The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 6,000 units & $10.00 Purchases: 9/7 4,000 units $10.30 9/25 10,000 units $10.60 Sales 9/10 5,000 units 9/29 7,200 units 7,800 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 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.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory Average Cost Cost of Average cost Average of units Goods Unit Cost of units of units Cost of Averago Available for sold Coat per Ending In ending Cost per Goods Sold Unit Sale) Inventory unit Inventory Beginning twentory 0.0005 10.00 00.000 Complete this question by entering your answers in the tabs below. Required: 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) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Cost of Average cost Goods of units Average #of units Unit Cost #of units Average Cost of Cost per Available for Ending sold Cost per in ending Goods Sold Unit Inventory Sale inventory Beginning inventory 6,000 $ 10.00 $ 60.000 Purchases 817 4000 $ 10.30 41.200 9/25 10.000 $ 10.50 100.000 Total 20.000 $ 207 200 Required 2 > 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.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per # of units Inventory # of units Average Cost Cost of Goods unit Value sold per unit Sold Beginning Inventory Purchase - September 7 Subtotal Averago Cost 0 Sale - September 10 Subtotal Average Cost 0 Purchase. September 25 Subtotal Average Cost 0 Sale - September 29 Total $ 0 $ 0 0 0 0 0 0 Required 1 Required

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using QuickBooks Online For Accounting

Authors: Glenn Owen

3rd Edition

0357391691, 9780357391693

More Books

Students also viewed these Accounting questions

Question

Timeline for final evaluation

Answered: 1 week ago

Question

How will it be used?

Answered: 1 week ago