Demski Company reported beginning inventory of 300 units at a unit cost of $ 20. It engaged in the following purchase and sale transactions during 2014:
Jan. 14 Sold 60 units at unit sales price of $ 40 on open account.
April 9 Purchased 45 additional units at unit cost of $ 20 on open account.
Sept. 2 Sold 135 units at sales price of $ 50 on open account.
At the end of 2014, a physical count showed that Demski Company had 150 units of inventory still on hand.
Required: Record each transaction, assuming that Demski Company uses
(a) A perpetual inventory system
(b) A periodic inventory system (including any necessary entries at December 31, the end of the accounting period). Demski Company uses the FIFO inventory costing method.