Demski Company reported beginning inventory of 368 units at a unit cost of $24. It engaged in the following purchase and sale transactions during 2014:
Jan. 14 Sold 94 units at unit sales price of $39 on open account.
April 9 Purchased 79 additional units at unit cost of $24 on open account.
Sept. 2 Sold 169 units at sales price of $49 on open account.
At the end of 2014, a physical count showed that Demski Company had 184 units of inventory still on hand.
Required:
(a). 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.)
1. Jan. 14th Record sales on account.
2. Jan 14th Record cost of sales on goods sold on account.
3. April 9th Record purchase of goods on account.
4. Sept. 2nd Record sales on account.
5. Sept. 2nd Record cost of sales on goods sold on account.
6. Dec. 31st Record cost of sales on goods for the year.
(b). 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.)
1. Jan. 14th Record sales on account.
2. April 9th Record purchase of goods on account.
3. Sept. 2nd Record sales on account.
4. Dec. 31st Record cost of sales on goods sold on account.
5. Dec. 31st Record cost of sales on goods for the year.
What I got for answers is in the attached file but my answer is wrong.