Beginning inventory, 9/1/2021 7,500 units @ $10.00Purchases:9/74,500 units @ $10.4012,000 units @ $11.759/25Sales:9/109/2914,000 units were on hand at the end of September.4,000 units6,000 unitsRequired:1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determinecost 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, determinecost of goods sold for September and September's ending inventory.Complete this question by entering your answers in the tabs below.Required 1Required 2Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for Septemberand September's ending inventory. (Enter inventory reductions for sales with a minus sign. Round cost per unit to 2 decimal places.)Inventory on handCost of Goods SoldPerpetual AverageAverageÇost perunit# of unitsInventoryValueCost ofGoods SoldCost# of unitsper unitsoldBeginning Inventory7,500 O $ 10.00 O $75,000Purchase - September 74,500 O10.40 O46,800Subtotal Average Cost12,00010.15 O121,800Sale - September 104,000 810.15 O40,600Subtotal Average Cost16,00011.75 X162,400Purchase - September 2512,000 O11.11 8133,320Subtotal Average Cost28,00011.11 O295,720Sale - September 296,000 X11.11 O66,660(6,000)11.11(66,660)Total34,00011.11 O $362,380(6,000)$ (66,660) Beginning inventory, 9/1/2021 7,500 units @ $10.00Purchases:9/79/25Sales:9/109/2914,000 units were on hand at the end of September.4,500 units @ $10.4012,000 units @ $11.754,000 units6,000 unitsRequired:1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determinecost 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, determinecost of goods sold for September and September's ending inventory.Complete this question by entering your answers in the tabs below.Required 1Required 2Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's endinginventory. (Round cost per unit to 2 decimal places.)Cost of Goods Available for SaleCost of Goods Sold - Average CostEnding Inventory - Average CostCost ofGoodsAvailable forSaleAverageCost perUnit# of unitsin endinginventoryAverageCost perunitAverage CostEndingInventory# of unitsCost of# of unitsUnit CostsoldGoods SoldBeginning Inventory7,500 $10.00$75.000|Purchases:9/74,500 $10.4046,8009/2512,000 $11.75141,000Total24,000$262,80010,000 $10.95 $ 109,50014,000 $10.95 $ 153,300

Name: Beginning inventory, 9/1/2021 7,500 units @ $10.00Purchases:9/74,500
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Description: Beginning inventory, 9/1/2021 7,500 units @ $10.00Purchases:9/74,500 units @ $10.4012,000 units @ $11.759/25Sales:9/109/2914,000 units were on hand at the end of September.4,000 units6,000 unitsRequired:1. Assuming that CNB uses a periodic inventory

Inventory: It refers to the items held by an organization which were in various forms like raw…

Business

Accounting

Beginning inventory, 9/1/2021 7,500 units @ $10.00 Purchases: 9/7 9/25 Sales: 4,500 units @ $10.40 12,000 units @ $11.75 9/10 9/29 14,000 units were on hand at the end of September. 4,000 units 6,000 units 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.

Beginning inventory, 9/1/2021 7,500 units @ $10.00 Purchases: 9/7 9/25 Sales: 4,500 units @ $10.40 12,000 units @ $11.75 9/10 9/29 14,000 units were on hand at the end of September. 4,000 units 6,000 units 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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