Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 30 shovels, for a total cost of $270. The company had the following transactions during the month: January 2 Sold 5 shovels on account at a selling price of $14 per unit. January 16 Sold 10 shovels on account at a selling price of $14 per unit. January 18 Bought 8 shovels on account at a cost of $9 per unit. January 19 Sold 10 shovels on account at a selling price of $14 per unit. January 24 Bought 10 shovels on account at a cost of $9 per unit. January 31 Counted inventory and determined that 22 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
Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 30 shovels, for a total cost of $270. The company had the following transactions during the month: January 2 Sold 5 shovels on account at a selling price of $14 per unit. January 16 Sold 10 shovels on account at a selling price of $14 per unit. January 18 Bought 8 shovels on account at a cost of $9 per unit. January 19 Sold 10 shovels on account at a selling price of $14 per unit. January 24 Bought 10 shovels on account at a cost of $9 per unit. January 31 Counted inventory and determined that 22 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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