The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2024 Purchases: 9/7 9/25 7,000 units @ $10.00 3,000 units @ $11.00 10,000 units @ $11.50 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.

The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2024 Purchases: 9/7 9/25 7,000 units @ $10.00 3,000 units @ $11.00 10,000 units @ $11.50 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.

Name: Munabhai The following information is taken from the inventory records
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Description: Munabhai The following information is taken from the inventory records of the CNB Company for the month of September:Beginning inventory, 9/1/2024Purchases:9/79/257,000 units @ $10.003,000 units @ $11.0010,000 units @ $11.50Sales:%/109/2911,000 units

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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