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Assuming that cnb uses a periodic inventory system and


The following information is taken from the inventory records of the CNB Company:

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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.

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Accounting Basics: Assuming that cnb uses a periodic inventory system and
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