Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It had the following purchase and sales transactions during 2012: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Jan. 14	Sold 25 units at unit sales price of $45 on account.
Apr. 9	Purchased 15 additional units at a per unit cost of $25 on account.
Sep. 2	Sold 50 units at a sales price of $50 on account.
Dec. 31	Counted inventory and determined 40 units were still on hand.

Required:
a.	Record each transaction, assuming that Kangaroo Jim Company uses a perpetual inventory system.

b.	Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system.