! Required information [The following information applies to the questions displayed below.] Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The company had the following transactions during the month: January 3 Sold 20 units on account at a selling price of $15 per unit. January 6 Bought 30 units on account at a cost of $10 per unit. January 16 Sold 30 units on account at a selling price of $15 per unit. January 19 Sold 20 units on account at a selling price of $20 per unit. January 26 Bought 10 units on account at a cost of $10 per unit. January 31 Counted inventory and determined that 160 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? Amount of shrinkage
! Required information [The following information applies to the questions displayed below.] Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The company had the following transactions during the month: January 3 Sold 20 units on account at a selling price of $15 per unit. January 6 Bought 30 units on account at a cost of $10 per unit. January 16 Sold 30 units on account at a selling price of $15 per unit. January 19 Sold 20 units on account at a selling price of $20 per unit. January 26 Bought 10 units on account at a cost of $10 per unit. January 31 Counted inventory and determined that 160 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? Amount of shrinkage
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...
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![I
Required information
[The following information applies to the questions displayed below.]
Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The
company had the following transactions during the month:
January 3 Sold 20 units on account at a selling price of $15 per unit.
January 6 Bought 30 units on account at a cost of $10 per unit.
January 16 Sold 30 units on account at a selling price of $15 per unit.
January 19 Sold 20 units on account at a selling price of $20 per unit.
January 26 Bought 10 units on account at a cost of $10 per unit.
January 31 Counted inventory and determined that 160 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 system
Amount of shrinkage](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3158e68-776a-4228-9fdf-a485a923fea8%2Feb6654ac-f3a9-4b04-9ed0-bf6a4fa7ebd7%2Fjcl012_processed.png&w=3840&q=75)
Transcribed Image Text:I
Required information
[The following information applies to the questions displayed below.]
Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The
company had the following transactions during the month:
January 3 Sold 20 units on account at a selling price of $15 per unit.
January 6 Bought 30 units on account at a cost of $10 per unit.
January 16 Sold 30 units on account at a selling price of $15 per unit.
January 19 Sold 20 units on account at a selling price of $20 per unit.
January 26 Bought 10 units on account at a cost of $10 per unit.
January 31 Counted inventory and determined that 160 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 system
Amount of shrinkage
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