The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 6,400 units @ $10.00 Purchases: 9/7 3,600 units @ $11.50 9/25 10,000 units @ $12.30 Sales : 9/10 4,000 units 9/29 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. 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 Sold - Average Cost Average Cost Cost of Goods Available for Sale Cost of Goods # of units Unit Cost Available for Ending Inventory - Average Cost # of units Average Cost per Ending in ending Inventory inventory unit Average Cost per Unit # of units sold Cost of Goods Sold Sale 6,400 $ 10.00 $ 64,000 Beginning Inventory Purchases 9/7 41,400 3,600 $ 10,000 $ 11.50 12.30 9/25 Total $ 228,400 The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 6,400 units @ $10.00 Purchases: 9/7 3,600 units @ $11.50 9/25 10,000 units @ $12.30 Sales: 9/10 4,000 units 9/29 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. 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 Inventory on hand Cost per Inventory # of units unit Value # of units sold Cost of Goods Sold Average Cost Cost of Goods per unit Sold Beginning Inventory Purchase - September 7 Subtotal Average Cost Sale - September 10 Subtotal Average Cost Purchase - September 25 Subtotal Average Cost Sale - September 29 Total
