XYZ Marketing sells one product, with information for May as follows:

May 1 Inventory 125 units at $17.10 each

4 Sale 93 units at $18.10 each

11 Purchase 151 units at $16.90 each

13 Sale 124 units at $18.90 each

20 Purchase 170 units at $17.30 each

25 Purchase Return 70 units at $17.30 each

27 Sale 97 units at $19.80 each

29 Sale Return 10 units at $19.80 each

XYZ Marketing uses the FIFO cost formula

A-Prepare all journal entries assuming XYZ Marketing is using a perpetual inventory system.

B-Prepare all journal entries assuming XYZ Marketing is using a periodic inventory system