Determine cost of goods sold for September

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Question - The following information is taken from the inventory records of the CNB Company for the month of September:

Beginning inventory, 9/1/202 16,000 units @ $11.00

Purchases: 9/7 5,000 units @ $11.00

9/25 9,000 units @ $11.40

Sales: 9/10 8,000 units

9/29 9,200 units

2,800 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.

Reference no: EM132923090

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