### Inventory Record Information for CNB Company - September#### Starting Inventory and Purchases:- **Beginning Inventory (9/1/2021):** 8,000 units at $10.00 each- **Purchases:** - 9/7: 6,000 units at $10.70 each - 9/25: 9,000 units at $12.60 each#### Sales:- **9/10:** 8,000 units- **9/29:** 9,000 units6,000 units were on hand at the end of September.### Requirements:1. Using a periodic inventory system with the average cost method, calculate the cost of goods sold (COGS) and ending inventory for September.2. Using a perpetual inventory system with the average cost method, calculate the COGS and ending inventory for September.### Average Cost Method - Periodic System**Cost of Goods Available for Sale:**| Description | # of Units | Unit Cost | Cost of Goods Available for Sale ||--------------------|------------|-----------|----------------------------------|| Beginning Inventory| 8,000 | $10.00 | $80,000 || 9/7 Purchases | 6,000 | $10.70 | $64,200 || 9/25 Purchases | 9,000 | $12.60 | $113,400 || **Total** | 23,000 | | $257,600 |**Cost of Goods Sold - Average Cost:**The table has placeholders for # of units sold, average cost per unit, and cost of goods sold.**Ending Inventory - Average Cost:**The table also includes placeholders for # of units in ending inventory, average cost per unit, and ending inventory value.Ensure that any calculations needed for determining these values are based on the summation of available units and their respective costs and that the cost per unit is rounded to two decimal places as stated. **Title: Calculating Cost of Goods Sold Using the Perpetual Inventory System****Assumption:**CNB uses a perpetual inventory system with the average cost method. The task is to determine the cost of goods sold for September and the ending inventory for the same month. Note: Inventory reductions for sales should be entered with a minus sign, and cost per unit should be rounded to two decimal places.**Perpetual Average Inventory Table:**| Date | Inventory on Hand | Cost of Goods Sold ||------------------------|-------------------------|-----------------------------|| | # of Units | Cost per Unit | Inventory Value | # of Units Sold | Average Cost per Unit | Cost of Goods Sold || Beginning Inventory | | | | | | || Purchase - September 7 | | | | | | || Subtotal Average Cost | 0 | | $ | 0 | | || Sale - September 10 | | | | | | || Subtotal Average Cost | 0 | | $ | 0 | | || Purchase - September 25| | | | | | || Subtotal Average Cost | 0 | | $ | 0 | | || Sale - September 29 | | | | | | || Total | 0 | | $0 | 0 | | $0 |- **Description:** This table helps track inventory and compute the cost of goods sold using the average cost method within a perpetual inventory system. - **Columns Breakdown:** - **Inventory on hand:** Tracks the number of units, cost per unit, and total inventory value. - **Cost of Goods Sold:** Shows the number of units sold, average cost per unit, and total cost of goods sold.**Buttons:**- **Required 1**- **Required 2** (grayed out, indicating the next section or step is inactive or complete).This instructional table provides a clear structure for calculating inventory costs, assisting students in understanding and applying inventory accounting methods effectively.

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Description: ### Inventory Record Information for CNB Company - September#### Starting Inventory and Purchases:- **Beginning Inventory (9/1/2021):** 8,000 units at $10.00 each- **Purchases:** - 9/7: 6,000 units at $10.70 each - 9/25: 9,000 units at $12.60 each

Business

Accounting

The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 Purchases: 9/7 9/25 Sales: 9/10 9/29 6,000 units were on hand at the end of September 8,000 units @ $10.00 6,000 units @ $10.70 9,000 units @ $12.60 8,000 units 9,000 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.

The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 Purchases: 9/7 9/25 Sales: 9/10 9/29 6,000 units were on hand at the end of September 8,000 units @ $10.00 6,000 units @ $10.70 9,000 units @ $12.60 8,000 units 9,000 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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