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

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

Beginning inventory, 9/1/2021 7,000 units @ $10.00
Purchases:
9/7 3,000 units @ $11.00
9/25 10,000 units @ $11.50
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.

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ekkarill92 answered 2 years ago
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