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

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. Repeat requirement 1 assuming that the company uses a perpetual inventorysystem.

Transcribed Image Text:

Beginning inventory, 9/1/11 Purchases 5,000 units $S10.0 3,000 units $S10.40 8,000 units SS10.75 9/25 Sales 9/10 9/29 7,000 units were on hand at the end of September 4,000 units 5,000 units