Question

The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory. 9/1/2018 6,400 units @ $10.00 Purchases: 3,600 units @ $11.50 9/25 10,000 units @ $12.30 Sales: 9/10 4,000 units 9/29 5,000 unita 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. Repeat requirement 1 assuming that the company uses a perpetual inventory system. 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 of goods sold for September and September's ending inventory. (Round Average Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Unit Cost of Goods Cost of Goods Sold - Average Cost of units Average Ending Inventory - Average Cost Average Ending in ending Average Cost Cost of of units of units Available for Cost Cost per Unit sold Goods Sold ending inventory Cost per Inventory Sale Beginning Inventory Purchases 9/7 9/25 Total

Answer 1

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Part 1	Cost of goods available for sale			Cost of Goods Sold			Ending Inventory
	No of units	Unit Cost	Cost of goods available for sale	No of units	Avg Cost	Cost of goods Sold	No of units	Avg Cost	Ending inventory
Beginning Inventory	6,400	$          10.00	$                                                             64,000
Purchase
9/7	3,600	$          11.50	$                                                             41,400
9/25	10,000	$          12.30	$                                                           123,000
Total	20,000	$          11.42	$                                                           228,400	9,000	$        11.42	$                           102,780	11,000	$        11.42	$                       125,620
Part 2	Cost of goods available for sale			Cost of Goods Sold			Ending Inventory
	No of units	Unit Cost	Cost of goods available for sale	No of units	Avg Cost	Cost of goods Sold	No of units	Avg Cost	Ending inventory
Beginning Inventory	6,400	$          10.00	$                                                             64,000
Purchase Sep 7	3,600	$          11.50	$                                                             41,400
Subtotal Average Cost	10,000	$          10.54	$                                                           105,400
Sale-Sep 10				4,000	$        10.54	$                             42,160	6,000	$        10.54	$                         63,240
Subtotal Average Cost		$          10.54
Purchase Sep 25	10,000	$          12.30	$                                                           123,000
Subtotal Average Cost	16,000	$          11.64	$                                                           186,240
Sale-Sep 29				5,000	$        11.64	$                             58,200	11,000	$        11.64	$                       128,040
Total				9,000	$               -	$                           100,360	11,000	$               -	$                       128,040