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

Beginning inventory, 9/1/2018 .....................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. Repeat requirement 1 assuming that the company uses a perpetual inventory system