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

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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