Home Hardware reported beginning inventory of 20 shovels, for a total cost of $100. The company had the following transactions during the month:

Jan.	2		Sold 5 shovels on account at a selling price of $11 per unit.
	16		Sold 9 shovels on account at a selling price of $11 per unit.
	18		Bought 7 shovels on account at a cost of $5 per unit.
	19		Sold 9 shovels on account at a selling price of $11 per unit.
	24		Bought 9 shovels on account at a cost of $5 per unit.
	31		Counted inventory and determined that 10 units were on hand.

2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any book-to-physical adjustment that might be needed. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

3. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system?

4. 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system?