Inventory Transactions

Dret Dretty. purchased $50,000 inventory on March 3, 2019, Sold $45,000 of inventory on March 17, 2019. All transactions were on account. The Quarter-end inventory showed a balance of $55,000, and Beginning inventory was $60,000. show all entries during the first quarter, as well as the entry to balance the inventory account, assuming gross profit is 60% of cost.

Requirement

Use both the perpetual and weighted average methods.