Home Hardware reported beginning inventory of twenty nine shovels, for a total cost of $145. The company had the following transactions during the month:

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