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 cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory-Average Cost Cost of Goods Available for Sale Average Cost per Unit # of units Average Cost per Average Cost #of units sold Cost of Goods Sold Ending Inventory Unit Cost # of units in ending inventory unit 5,000 $10.00 Beginning Inventory 50,000 Purchases: 3,000 $10.40 8,000$10.75 9/7 31,200 9/25 86,000 16,000 167,200 Total Required 1 Required 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. (Enter inventory reductions for sales with a minus sign. Round cost per unit to 2 decimal places.) Inventory on hand Cost of Goods Sold Perpetual Average Inventory#of units Value Cost per unit Average Cost per unit Cost of of units sold Goods Sold Beginning Inventory Purchase - September 7 Subtotal Average Cost 0 0 Sale September 10 Subtotal Average Cost 0 Purchase September 25 Subtotal Average Cost 0 0 Sale September 29 Total 0 0 $ 0

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...

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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	5,000	units @ $10.00
Purchases:
9/7	3,000	units @ $10.40
9/25	8,000	units @ $10.75
Sales:
9/10	4,000	units
9/29	5,000	units
7,000 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.

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 cost per unit to 2 decimal places.)
Cost of Goods Available for Sale
Cost of Goods Sold - Average Cost
Ending Inventory-Average Cost
Cost of Goods
Available for
Sale
Average
Cost per
Unit
# of units
Average
Cost per
Average Cost
#of units
sold
Cost of
Goods Sold
Ending
Inventory
Unit
Cost
# of units
in ending
inventory
unit
5,000 $10.00
Beginning Inventory
50,000
Purchases:
3,000 $10.40
8,000$10.75
9/7
31,200
9/25
86,000
16,000
167,200
Total

Required 1
Required 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. (Enter inventory reductions for sales with a minus sign. Round cost per unit
to 2 decimal places.)
Inventory on hand
Cost of Goods Sold
Perpetual Average
Inventory#of units
Value
Cost per
unit
Average
Cost per unit
Cost of
of units
sold
Goods Sold
Beginning Inventory
Purchase - September 7
Subtotal Average Cost
0
0
Sale September 10
Subtotal Average Cost
0
Purchase September 25
Subtotal Average Cost
0
0
Sale September 29
Total
0
0
$
0

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