The following information is taken from the inventory records of the CNB Company for the...
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The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 8,000 units @ $10.00 Purchases: 9/7 6,000 units @ $10.70 9/25 16,000 units @ $10.90 Sales: 9/10 6,000 units 9/29 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.
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