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Demski Company reported beginning inventory of 332 units at a unit cost of $17. It engaged in the following purchase and sale transactions during 2017:

Jan.	14	Sold 76 units at unit sales price of $32 on open account.
April	9	Purchased 61 additional units at unit cost of $17 on open account.
Sept.	2	Sold 151 units at sales price of $42 on open account.

At the end of 2017, a physical count showed that Demski Company had 166 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.)

Demski Company reported beginning inventory of 306 units at a unit cost of $15. It engaged in the following purchase and sale transactions during 2017: Jan. 14 Sold 63 units at unit sales price of $30 on open account. April 9 Purchased 48 additional units at unit cost of $15 on open account. Sept. 2 Sold 138 units at sales price of $40 on open account. At the end of 2017, a physical count showed that Demski Company had 153 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.) Answer is not complete. General Journal Credit Date January 14 Debit 1,890 1 Trade receivables Sales 1,890 April 09 April 720 Purchases Trade payables 720 September 02 5,520 Trade receivables Sales 00 00 00 00 06 5,520 December 31 Cost of sales Inventory December 31 2,295 Inventory Cost of sales 2,295

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