Home Hardware reported beginning inventory of twenty six shovels, for a total cost of $156. The company had the following transactions during the month:

Jan.		2		Sold 8 shovels on account at a selling price of $14 per unit
		16		Sold 14 shovels on account at a selling price of $14 per unit
		18		Bought 9 shovels on account at a cost of $6 per unit
		19		Sold 12 shovels on account at a selling price of $14 per unit
		24		Bought 14 shovels on account at a cost of $6 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.)

A.Sold 8 shovels on account at a selling price of $14 per unit

B.Sold 14 shovels on account at a selling price of $14 per unit

C.Bought 9 shovels on account at a cost of $6 per unit

D.Sold 12 shovels on account at a selling price of $14 per unit

E.Bought 14 shovels on account at a cost of $6 per unit

F. Record the cost of goods sold

G.Record the inventory on hand based on inventory count

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.)

A. Record the sale of shovels.

B.Record the cost of shovels sold.

C.Record the sale of shovels.

D. Record the cost of shovels sold.

E. Record the purchase of shovels.

F. Record the sale of shovels.

G.Record the cost of shovels sold.

H.Record the purchase of shovels.

I.Record the entry for book-to-physical adjustment, if any.

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.)

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.)

Amount of shrinkage -

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.)