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Home Hardware reported beginning inventory of thirty shovels, for a total cost of $150. The company had the following transactions during the month: Jan. 2

Home Hardware reported beginning inventory of thirty shovels, for a total cost of $150. The company had the following transactions during the month:

Jan. 2 Sold 10 shovels on account at a selling price of $12 per unit
16 Sold 16 shovels on account at a selling price of $12 per unit
18 Bought 11 shovels on account at a cost of $5 per unit
19 Sold 13 shovels on account at a selling price of $12 per unit
24 Bought 16 shovels on account at a cost of $5 per unit
31 Counted inventory and determined that 14 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.)



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-a. What is the dollar amount of shrinkage that you were able to determine in requirement 1? (Enter "0" if you were unable to determine the dollar amount of shrinkage.)



3-b. What is the dollar amount of shrinkage that you were able to determine in requirement 2? (Enter "0" if you were unable to determine the dollar amount of shrinkage

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