Cullumber Company sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Cullumbers purchases and sales of the ultra-lightweight snowboard in October: Date Transaction Units Unit Purchase Price Unit Sales Price Oct. 1 Beginning inventory 25 $300 10 Purchase 30 308 12 Sale (42) $468 13 Purchase 35 316 25 Sale (45) 478 27 Purchase 20 322 Assume that all of Cullumbers sales are for cash and all of its purchases are on account.

Record the purchase on October 10 and sale on October 12 for Cullumber Company in a perpetual inventory system under (1) FIFO and (2) weighted average.

Record the purchase on October 13 and sale on October 25 for Cullumber Company in a periodic inventory system under (1) FIFO and (2) weighted average.