Question

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The following Information is taken from the Inventory records of the CNB Company for the month of September: 9/7 Beginning inventory, 9/1/2021 8, eee units @ $11.00 Purchases: 7,000 units @ $11.30 9/25 9,000 units @ $11.70 Sales: 9/10 6,000 units 9/29 10,000 units 8,880 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. (Round cost per unit to 2 decimal places.) Average Cost Cost of Goods Available for Sale Cost of Goods # of units Unit Cost Available for Sale Cost of Goods Sold - Average Cost Average # of units Cost of Cost per sold Unit Goods Sold ' Ending Inventory - Average Cost # of units Average Ending in ending Cost per inventory unit Inventory Beginning Inventory Purchases: 9/25 Total < Required 1 Required 2 >

Answer 1

Solution 1:

MN 23 I 24 25 (c) Weigheted Average Computation of ending inventory and cost of goods sold under Periodic Weighted Average Goods Available for sale Cost of goods sold Ending Inventory Cost Per Cost of Goods Ending No. of Average Cost of || Average Ending No. of Units Inventory unit Available for Sale Units sold Cost Goods sold" Cost Inventory Cost Units 8000 $11.00 $88,000.00 26 27 28 29 Beginning Inventory Purchases: 9/7 9/25 7000 9000 $11.30 $11.70 $79,100.00 $105,300.00 30 31 32 24000 $272,400.00 16000 11.35 $181,600 8000 11.35 $90,800 Total Average Cost per unit 33 11.35 34 35 37 38 40 41 42L 43 LLL 44 t14 (5) Sheet140 (4) Sheet1106 Sheet247 (3) Sheet119 (11) Sheet1111 Sheet106 (22) Sheet1113 ILO

Solution 2:

K с CNB Company – AR AR Computation of ending inventory and COGS under Weighted Average Cost (Perpetual) Inventory o hand Cost of Goods sold Date Cost per Inventory Cost per # of Units Units sold COGS unit value unit Beginning inventory 8000 $11.00 $88,000 Purchase- September 7 7000 $11.30 $79,100 Subtotal Average cost 15000 $11.14 $167,100 Sale- September 10 -6000 $11.14 $66,840 6 000 $11.14 $66,840 Subtotal Average cost 9000 $11.14 $100,260 Purchase- September 25 9000 $11.70 $105,300 Subtotal Average cost 18000 $11.42 $205,560 Sale- September 29 -10000 $11.42 $114,200 10000 $11.42 $114,200 Total 8000 $11.42 $91,360 16000 $181,040 29 20 et214 Sheet146 (9) Sheet233 ) Sheet34 Sheet260 Sheet146 (8) Sheet442 Sheet37