2. The following inventory information is for Derrald Company: Beginning Inventory 150 units @ $15 750 units @ $15 Purchases 225 units Ending Inventory Sales for the year totaled $15,000. Required a. Assume that a periodic inventory system is used. Compute the cost of goods sold. b. Now assume that a perpetual inventory system is used. The perpetual records indicate that the sales of $15,000 represent 625 units with a total cost of $9,375. How much inventory shrinkage would be recorded for the year? Use the same information given in (b). How much inventory shrinkage would be recorded using the periodic method? C.

2. The following inventory information is for Derrald Company: Beginning Inventory 150 units @ $15 750 units @ $15 Purchases 225 units Ending Inventory Sales for the year totaled $15,000. Required a. Assume that a periodic inventory system is used. Compute the cost of goods sold. b. Now assume that a perpetual inventory system is used. The perpetual records indicate that the sales of $15,000 represent 625 units with a total cost of $9,375. How much inventory shrinkage would be recorded for the year? Use the same information given in (b). How much inventory shrinkage would be recorded using the periodic method? C.

Name: 2 2. The following inventory information is for Derrald Company:Beginn
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Description: 2 2. The following inventory information is for Derrald Company:Beginning Inventory150 units @ $15Purchases750 units @ $15225 unitsEnding InventorySales for the year totaled $15,000.Requireda.Assume that a periodic inventory system is used. Compute t

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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