Demski Company reported beginning inventory of 314 units at a unit cost of $19. It engaged in the following purchase and sale transactions during the current year:

Jan. 14		Sold 67 units at unit sales price of $34 on open account.
April 9		Purchased 52 additional units at unit cost of $19 on open account.
Sept. 2		Sold 142 units at unit sales price of $44 on open account.

At the end of the current year, a physical count showed that Demski Company had 157 units of inventory still on hand.

Required:

(a). Record each transaction, assuming that Demski Company uses a periodic inventory system (including any necessary entries at December 31, the end of the current year). Demski Company uses the FIFO inventory costing method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. Record sales on account.

2. Record purchase of goods on account.

3. Record sales on account.

4. Record cost of sales on goods sold on account.

5. Record cost of sales on goods for the year.

(b). Record each transaction, assuming that Demski Company uses a perpetual inventory system (including any necessary entries at December 31, the end of the current year). Demski Company uses the FIFO inventory costing method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

1. Record sales on account.

2. Record cost of sales on goods sold on account.

3. Record purchase of goods on account.

4. Record sales on account.

5. Record cost of sales on goods sold on account.

6. Record cost of sales on goods for the year.