Demski Company reported beginning inventory of 100 units at a unit cost of $25. It engaged in the following purchase and sale transactions during 2003:

At the end of the 2003, a physical count showed that Demski Company had 40 units of inventory still on hand.
Required:
Record each transaction, assuming that Demski Company uses

(a) a perpetual inventory system and

(b) a periodic inventory system (including any necessary entries at the end of the accounting period on December 31).

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Jan. 14 Sold 25 units at unit sales price of $45 on open account. April 9 Purchased 15 additional units at unit cost of $25 on open account. Sep. 2 Sold 50 units at sales price of $50 on open account.