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

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Accounting

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

Beginning inventory, 9/1/2024 8,000 units @ $10.00
Purchases:
97/97 6,000 units @ $10.70
925/925 16,000 units @ $10.90
Sales:
910/910 6,000 units
929/929 10,000 units
14,000 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.
imageimage 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. Note: Round "Average Cost per Unit" to 2 decimal places. Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of good and September's ending inventory. Note: Enter inventory reductions for sales with a minus sign. Round "Average Cost per Unit" to 2 decimal places
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