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
[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
Step by step
Solved in 3 steps
