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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.
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