CHAPTER 8 451 E 8-16 Average cost method; periodic and perpetual systems .LO8-1, LO8-4 The following information is taken from the inventory records of the CNB Company for the month Beginning inventory, 9/1/2018 Purchases: 5,000 units o $10.00 3,000 units o $10.40 8,000 units o$10.75 9/25 Sales: 9/10 9/29 4,000 units 5,000 units 7,000 units were on hand at the end of September Required: . 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