Question B5 (Part A & B)

Assume Webster Company buys bicycle helmets at a unit cost of $30 and sells them at a unit price of $52. There was no inventory at the beginning of the period. Provide thejournal entries for the trans actions mentioned below. A.Transactions (Perpetual System) 1. Purchased 100 units for cash assuming the perpetual inventory system is used. 2. Sold 100 units for cash assuming the perpetual inventory system is used. B. Transactions (Periodic System) 1. Purchased 100 units for cash assuming the periodic inventory system is used. 2. Sold 100 units for cash assuming the periodic inventory system is used