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: 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.