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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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:
%/10
9/29
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.
4,000 units
5,000 units
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