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Demski Company reported beginning inventory of 310 units at a unit cost of $17. It engaged in the following purchase and sale transactions during 2017: Jan. 14 Sold 65 units at unit sales price of $32 on open account. April 9 Purchased 50 additional units at unit cost of $17 on open account Sept. 2 Sold 140 units at sales price of $42 on open account At the end of 2017, a physical count showed that Demski Company had 155 units of inventory still on hand. Required: (a). 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.) View transaction list Record sales on account. 1 2 Record purchase of goods on account. 3 Record sales on account. 4. Record cost of sales on goods sold on account. Record cost of sales on goods for the year. Credit 5 Note: = journal entry has been entered Record entry Clear entry View general journal (b). 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.) View transaction list 1 Record sales on account. 2 Record cost of sales on goods sold on account. Record purchase of goods on account. 3 Record sales on account. Credit Record cost of sales on goods sold on account. Record cost of sales on goods for the year. 6 = journal entry has been entered Note Record entry Clear entry View general journal

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