Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 30 shovels, for a total cost of $240. The company had the following transactions during the month: January 2 Sold 9 shovels on account at a selling price of $9 per unit. January 16 Sold 13 shovels on account at a selling price of $9 per unit. January 18 Bought 5 shovels on account at a cost of $8 per unit. January 19 Sold 13 shovels on account at a selling price of $9 per unit. January 24 Bought 13 shovels on account at a cost of $8 per unit. January 31 Counted inventory and determined that 12 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 $240. The company had the following transactions during the month: January 2 Sold 9 shovels on account at a selling price of $9 per unit. January 16 Sold 13 shovels on account at a selling price of $9 per unit. January 18 Bought 5 shovels on account at a cost of $8 per unit. January 19 Sold 13 shovels on account at a selling price of $9 per unit. January 24 Bought 13 shovels on account at a cost of $8 per unit. January 31 Counted inventory and determined that 12 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

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
[The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 30 shovels, for a total cost of $90. The company had the following transactions during the month: January 2 Sold 7 shovels on account at a selling price of $10 per unit. January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $3 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $3 per unit. January 31 Counted inventory and determined that 13 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? Do not give answer in image
! Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had the following transactions during the month: January 2 January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $5 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $5 per unit. January 31 Counted inventory and determined that 15 units were on hand. Sold 9 shovels on account at a selling price of $10 per unit.
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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
Home Hardware reported beginning inventory of 20 shovels, for a total cost of $100. The companyhad the following transactions during the month:Jan. 2 Sold 4 shovels on account at a selling price of $10 per unit.16 Sold 10 shovels on account at a selling price of $10 per unit.18 Bought 5 shovels on account at a cost of $5 per unit.19 Sold 10 shovels on account at a selling price of $10 per unit.24 Bought 10 shovels on account at a cost of $5 per unit.31 Counted inventory and determined that 10 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any “book-to-physical” adjustment that might be needed.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if you were unable to determine the dollar amount of shrinkage.
Sigfusson Supplies reported beginning inventory of 100 units, for a total cost of $2,000. The company had the following transactions during the month:Jan. 6 Sold 20 units on account at a selling price of $30 per unit.9 Bought 10 units on account at a cost of $20 per unit.11 Sold 10 units on account at a selling price of $35 per unit.19 Sold 20 units on account at a selling price of $40 per unit.27 Bought 10 units on account at a cost of $20 per unit.31 Counted inventory and determined that 60 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any “book-to-physical” adjustment that might be needed.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if you were unable to determine the dollar amount of shrinkage
Vishal
Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The companyhad the following transactions during the month:Jan. 3 Sold 20 units on account at a selling price of $15 per unit.6 Bought 30 units on account at a cost of $10 per unit.16 Sold 30 units on account at a selling price of $15 per unit.19 Sold 20 units on account at a selling price of $20 per unit.26 Bought 10 units on account at a cost of $10 per unit.31 Counted inventory and determined that 160 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system,including any “book-to-physical” adjustment that might be needed.TIP: Adjust for shrinkage by decreasing Inventory and increasing Cost of Goods Sold.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if…
Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed.
am.100.