Required information. [The following information applies to the questions displayed below.) Sigfusson Supplies reported beginning inventory of 150 units, for a total cost of $3,000. The company had the following transactions during the month: January 6 Sold 45 units on account at a selling price of $30 per unit. January 9. Bought 35 units on account at a cost of $20 per unit. January 11 Sold 35 units on account at a selling price of $35 per unit. January 19 Sold 45 units on account at a selling price of $40 per unit. January 27 Bought 35 units on account at a cost of $20 per unit. January 31 Counted inventory and determined that 60 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.) Sigfusson Supplies reported beginning inventory of 150 units, for a total cost of $3,000. The company had the following transactions during the month: January 6 Sold 45 units on account at a selling price of $30 per unit. January 9. Bought 35 units on account at a cost of $20 per unit. January 11 Sold 35 units on account at a selling price of $35 per unit. January 19 Sold 45 units on account at a selling price of $40 per unit. January 27 Bought 35 units on account at a cost of $20 per unit. January 31 Counted inventory and determined that 60 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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