The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2024 Purchases: 8,000 units @ $11.00 9/25 Sales: 9/10 9/29 7,000 units @ $12.50 15,000 units @ $12.80 5,000 units 6,000 units 19,000 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. Answer is not complete. 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. Note: Enter inventory reductions for sales with a minus sign. Round "Average Cost per Unit" to 2 decimal places. Inventory on hand Perpetual Average Number of units Cost per unit Inventory Value Number of units sold Beginning Inventory 8,000 $ 11.00 $ 88,000 Purchase - September 7 7,000 12.50 87,500 Subtotal Average Cost 15,000 11.70✔ 175,500 Sale - September 10 5,000 11.70 58,500 Subtotal Average Cost 20,000 234,000 Purchase - September 25 Subtotal Average Cost 20,000 234,000 Sale - September 29 Cost of Goods Sold Average Cost per unit Cost of Goods Sold Total 20,000 $ 234,000 0 $ 0 < Required 1 Required 2 >
The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2024 Purchases: 8,000 units @ $11.00 9/25 Sales: 9/10 9/29 7,000 units @ $12.50 15,000 units @ $12.80 5,000 units 6,000 units 19,000 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. Answer is not complete. 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. Note: Enter inventory reductions for sales with a minus sign. Round "Average Cost per Unit" to 2 decimal places. Inventory on hand Perpetual Average Number of units Cost per unit Inventory Value Number of units sold Beginning Inventory 8,000 $ 11.00 $ 88,000 Purchase - September 7 7,000 12.50 87,500 Subtotal Average Cost 15,000 11.70✔ 175,500 Sale - September 10 5,000 11.70 58,500 Subtotal Average Cost 20,000 234,000 Purchase - September 25 Subtotal Average Cost 20,000 234,000 Sale - September 29 Cost of Goods Sold Average Cost per unit Cost of Goods Sold Total 20,000 $ 234,000 0 $ 0 < Required 1 Required 2 >
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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Transcribed Image Text:The following information is taken from the inventory records of the CNB Company for the month of September:
Beginning inventory, 9/1/2024
Purchases:
8,000 units @ $11.00
9/25
Sales:
9/10
9/29
7,000 units @ $12.50
15,000 units @ $12.80
5,000 units
6,000 units
19,000 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.
Answer is not complete.
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.
Note: Enter inventory reductions for sales with a minus sign. Round "Average Cost per Unit" to 2 decimal places.
Inventory on hand
Perpetual Average
Number of
units
Cost
per unit
Inventory
Value
Number
of units
sold
Beginning Inventory
8,000
$ 11.00 $
88,000
Purchase - September 7
7,000
12.50
87,500
Subtotal Average Cost
15,000
11.70✔
175,500
Sale - September 10
5,000
11.70
58,500
Subtotal Average Cost
20,000
234,000
Purchase - September 25
Subtotal Average Cost
20,000
234,000
Sale - September 29
Cost of Goods Sold
Average
Cost per
unit
Cost of
Goods Sold
Total
20,000
$ 234,000
0
$
0
< Required 1
Required 2 >
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