90.2K

Verified Solution

Link Copied!

The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 5,000 units @ $10.00 Purchases: 9/7 3,000 units @ $10.40 9/25 8,000 units @ $10.75 Sales : 9/10 4,000 units 9/29 5,000 units 7,000 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 ending inventory. (Round cost per unit to 2 decimal places.) goods sold for September and September's Average Cost Cost of Goods Available for Sale Cost of Goods Unit # of units Available for Cost Sale 5,000 $10.00 $ 50,000 Cost of Goods Sold - Average Cost # of units Average Cost of sold Cost per Unit Goods Sold Ending Inventory - Average Cost # of units Average Ending Cost per in ending Inventory inventory unit Beginning Inventory Purchases: 9/7 9/25 3,000 $ 10.40 8,000 $ 10.75 16,000 31,200 86,000 167,200 Total $ The following intormation is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 5,000 units @ $10.00 Purchases: 9/7 3,000 units @ $10.40 9/25 8,000 units @ $10.75 Sales: 9/10 4,000 units 9/29 5,000 units 7,000 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 of Goods Sold Cost per Inventory # of units Average Cost of # of units unit Value sold Cost per unit Goods 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

Answer & Explanation Solved by verified expert

See Answer