Home Hardware reported beginning inventory of 20 shovels, for a total cost of $140. The company had the following transactions during the month:

Jan. 2	Sold 6 shovels on account at a selling price of $15 per unit.
16	Sold 10 shovels on account at a selling price of $15 per unit.
18	Bought 8 shovels on account at a cost of $7 per unit.
19	Sold 10 shovels on account at a selling price of $15 per unit.
24	Bought 10 shovels on account at a cost of $7 per unit.
31	Counted inventory and determined that 11 units were on hand.

Required:

1.

Prepare the journal entries that would be recorded using a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) I have done all the journal entries except for the last two. I can't seem to figure out how to calculate the numbers. January 31 Cost of Goods Sold(Dr.) Inventory(Cr.) January 31 Inventory(Dr.) Cost of Goods Sold(Cr.)