ABC Marketing sells one product, with information for May as follows:

ABC Marketing uses the FIFO cost formula. All purchases and sales are on account.

Required: (1) Prepare all journal entries assuming ABC Marketing is using a perpetual inventory system.

(2) Prepare all journal entries assuming ABC Marketing is using a periodic inventory system.

May 1 Inventory Sale 4 11 Purchase 125 units at $17.10 each 93 units at $18.10 each 151 units at $16.90 each 124 units at $18.90 each 170 units at $17.30 each 13 Sale 20 Purchase 25 Purchase Return 70 units at $17.30 each 27 Sale 97 units at $19.80 each 29 Sale Return 10 units at $19.80 each