1. Concave Systems Corp. has beginning inventory of 200 units at $8 per unit, made a cash purchase on May 1 of 700 units at $8 per unit, and sold 800 units on September 1 on account at $14 per unit. Record the journal entries for each transaction and potential year-end cost adjustment assuming a perpetual inventory method.

2. Convex Systems Corp. has beginning inventory of 200 units at $8 per unit, made a purchase on May 1 of 700 units at $8 per unit on account, and sold 800 units on September 1 for cash at $14 per unit. Record the journal entries for each transaction and potential year-end cost adjustment assuming a periodic inventory method.