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Make journal entries for the month of march

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The beginning inventory of Punjab Cash and Carry consisted of 150 units @ $60 each. The following transactions occurred during the month of March 2013.

Mar. 05: Purchased 570 units @ $70 each on cash.
Mar. 06: Out of 570 units purchased on March 05, 15 units were returned to supplier.
Mar: 28: Sold 250 units @ $115 each on account.

On March 31, 2013, 166 units were found by a physical count of inventory

Required:

Problem 1: Make journal entries for the month of March assuming the Punjab Cash and Carry uses:

a) Perpetual inventory system.
b) Periodic inventory system.

The Ending inventory of Punjab consist of 166 units.

c) Also tell cost of goods sold and gross income for Punjab Cash and Carry.

Reference no: EM132774674

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