Exercise 8-17 (Static) 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, 9/1/2021 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. 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 perpetual inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. (Enter inventory reductions for sales with a minus sign. Round cost per unit to 2 decimal places.) Inventory on hand Cost of Goods Sold Perpetual Average # of units Cost per Inventory # of units Average Cost of unit Value sold Cost per unit Goods Sold Beginning Inventory 5,000 $ 10.00 $ 50,000 Purchase - September 7 3,000 10.40 31,200 Subtotal Average Cost 8,000 10.15 81,200 Sale - September 10 4.000 10.15 40,600 Subtotal Average Cost 12,000 10.15 121,800 Purchase - September 25 8,000 10.75 86,000 Subtotal Average Cost 20,000 10.55 207,800 Complete this question by entering your answers in the tabs below. Required 1 Required 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. (Enter inventory reductions for sales with a minus sign. Round cost per unit to 2 decimal places.) Inventory on hand Cost of Goods Sold Perpetual Average # of units Cost per Inventory # of units Average Cost of unit Value sold Cost per unit Goods Sold Beginning Inventory 5,000 $ 10.00 $ 50.000 Purchase - September 7 3,000 10.40 31,200 Subtotal Average Cost 8,000 10.15 81,200 Sale - September 10 X 4,000 10.15 40,600 Subtotal Average Cost 12,000 10.15 121,800 Purchase - September 25 8,000 10.75 86,000 Subtotal Average Cost 20,000 10.55 207,800 Sale - September 29 5,000 10.55 52,750 (5,000) 10.55 (52,750) Total 25,000 $ 260,550 (5,000) $ (52,750)