ASSIGNMENT # $4$

Assume instead that Jonah Company uses a periodic inventory system. All sales and purchases are made on account. The company has the following inventory data for the month of March:

$\backslash$table$[[$Inventory$,$March,$1,200$ units @ $$4\mathrm{.}30,$S $860],[$Purchases$,$March,$10,500$ units @ $$4\mathrm{.}50,2,250],[,20,400$ units @ $$4\mathrm{.}75,1,900],[,30,300$ units @ $$5\mathrm{.}00,1,500],[$Sales$,$March,$15,500$ units @ $$9\mathrm{.}00,4,500],[,25,400$ units @ $$9\mathrm{.}00,3,600]]$

The physical inventory count on March $31$ shows $500$ units on hand.

Instructions

a$.$ Determine the cost of ending inventory at March $31$ and cost of goods sold for March under $(1)$ FIFO and $(2)$ weighted average.

b$.$ Prepare journal entries for the March $25$ sale and the March $30$ purchase under $(1)$ FIFO and $(2)$ weighted average.

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