Demski Company reported beginning inventory of 368 units at a unit cost of $24. It engaged in the following purchase and sale transactions during 2014:

Jan. 14 Sold 94 units at unit sales price of $39 on open account.

April 9 Purchased 79 additional units at unit cost of $24 on open account.

Sept. 2 Sold 169 units at sales price of $49 on open account.

At the end of 2014, a physical count showed that Demski Company had 184 units of inventory still on hand.

Required:
(a).	Record each transaction, assuming that Demski Company uses a perpetual inventory system (including any necessary entries at December 31, the end of the accounting period). 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. Jan. 14thRecord sales on account.
• 2. Jan 14thRecord cost of sales on goods sold on account.
• 3. April 9thRecord purchase of goods on account.
• 4. Sept. 2nd Record sales on account.
• 5. Sept. 2ndRecord cost of sales on goods sold on account.
• 6. Dec. 31st Record cost of sales on goods for the year.

(b).

Record each transaction, assuming that Demski Company uses 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.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• 1. Jan. 14th Record sales on account.
• 2. April 9thRecord purchase of goods on account.
• 3. Sept. 2nd Record sales on account.
• 4. Dec. 31st Record cost of sales on goods sold on account.
• 5. Dec. 31st Record cost of sales on goods for the year.

Answer to part A and B should resemble the picture attached.

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