At the beginning of the year, Seller Ltd. had 900 units with a cost of $5 per unit in its beginning inventory. The following inventory transactions occurred during the month of January:

Jan. 3 Sold 700 units on account for $12 each.

9 Purchased 1,000 units on account for $6 per unit.

15 Sold 800 units for cash at $11 each.

Prepare journal entries assuming that Seller Ltd. uses FIFO

(a) Under a perpetual inventory system and

(b) Under a periodic inventory system.