The following information is taken from the inventory records of the CNB Company for the month of September:
Beginning inventory, 9/1/2024 6,000 units @ $11.00
Purchases:
9/7 4,000 units @ $11.50
9/25 10,000 units @ $12.00
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.
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.
Note: Enter inventory reductions for sales with a minus sign. Round "Average Cost per Unit" to 2 decimal places.
