Beginning inventory, 9/1/2024 6,000 units @ $12.00 Purchases: 9/7 9/25 Sales: 9/10 9/29 4,000 units @...

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Beginning inventory, 9/1/2024 6,000 units @ $12.00 Purchases: 9/7 9/25 Sales: 9/10 9/29 4,000 units @ $12.50 10,000 units @ $12.80 5,000 units 6,000 units 9,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. Note: Round "Average Cost per Unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Periodic Average Cost Number of Unit Cost units Cost of Goods Available for Sale Number of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory - Average Cost Number of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory 6,000 $ 12.00 $ 72,000 Purchases 9/7 4,000 $ 12.50 50,000 9/25 10,000 $ 12.80 128,000 Beginning inventory, 9/1/2024 6,000 units @ $12.00 Purchases: 9/7 9/25 Sales: 9/10 9/29 4,000 units @ $12.50 10,000 units @ $12.80 5,000 units 6,000 units 9,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. Note: Round "Average Cost per Unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Periodic Average Cost Number of Unit Cost units Cost of Goods Available for Sale Number of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory - Average Cost Number of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory 6,000 $ 12.00 $ 72,000 Purchases 9/7 4,000 $ 12.50 50,000 9/25 10,000 $ 12.80 128,000

Answer rating: 100% (QA)

Periodic Inventory System Average Cost Method 1 Calculate Average Cost per Unit Total Cost of Goods Available for Sale Beginning Inventory Purchases T... View the full answer