3-a. What is the dollar amount of shrinkage that you were able to determine in perlodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Periodic Inventory system Perpetual inventory system Amount of shrinkage
3-a. What is the dollar amount of shrinkage that you were able to determine in perlodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Periodic Inventory system Perpetual inventory system Amount of shrinkage
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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am.100.
![Required Information
[The following information applies to the questions displayed below.]
Frigid Supplies reported beginning inventory of 275 units, for a total cost of $2,750. The compaby had the following
transactions during the month:
January 3 Sold 45 units on account at a selling price of $16 per unit.
January 6 Bought 55 units on account at a cost of $10 per unit.
January 16 Sold 55 units on account at a selling price of $15 per unit.
January 19 Sold 45 units on account at a selling price of $21 per unit.
January 26 Bought 35 units on account at a cost of $10 per unit.
January 31 Counted inventory and determined that 185 units were on hand.
3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system?
3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual Inventory system?
Periodic Inventory system
Perpetual inventory systom
Amount of shrinkage](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa13b1d31-16d8-4ff4-a836-ab51e948fbd1%2F50721c99-f3db-4bb6-89d0-6723002afad0%2F9mibn5n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Frigid Supplies reported beginning inventory of 275 units, for a total cost of $2,750. The compaby had the following
transactions during the month:
January 3 Sold 45 units on account at a selling price of $16 per unit.
January 6 Bought 55 units on account at a cost of $10 per unit.
January 16 Sold 55 units on account at a selling price of $15 per unit.
January 19 Sold 45 units on account at a selling price of $21 per unit.
January 26 Bought 35 units on account at a cost of $10 per unit.
January 31 Counted inventory and determined that 185 units were on hand.
3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system?
3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual Inventory system?
Periodic Inventory system
Perpetual inventory systom
Amount of shrinkage
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