Demski Company reported beginning inventory of 100 units at a unit cost of \\($20.\) It engaged in the following purchase and sale transactions during 2010:

Jan. 14 Sold 20 units at unit sales price of \(\$ 40\) on open account.

April 9 Purchased 15 additional units at unit cost of \(\$ 20\) on open account.

Sept. 2 Sold 45 units at sales price of \(\$ 50\) on open account.

At the end of the 2010, a physical count showed that Demski Company had 50 units of inventory still on hand.

Required:

Record each transaction, assuming that Demski Company uses

(a) a perpetual inventory system and

(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.