Exercise 8-16 Average cost method; periodic and perpetual systems [LO8-1, 8-4] The following information is taken from the inventory records of the CNB Company for the month of September Beginning inventory, 9/1/2018 Purchases: 8,400 units $10.00 5,600 units $10.50 14,000 units $11.00 9/25 Sales: 9/10 9/29 8,000 units 9,000 units 11,000 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. Complete this question by entering your answers in the tabs below Required 1Required 2 Repeat requirement 1 assuming that the company uses a perpetual inventory system. (Enter inventory reductions for sales with a minus sign. Round "Average Cost per Unit" to 2 decimal places.) entory on hand Cost of Goods Sold #of Cost per Inventory units Average Cost per Perpetual Average Cost of Goods Sold # of units unit Value sol Beginning Inventory Purchase September 7 Subtotal Average Cost Sale September 10 Subtotal Average Cost Purchase September 25 Subtotal Average Cost Sale September 29 Total