Questions 1&2

Q#1

Q#2

Inventory

Cost of goods

At the beginning of the year, Snapit had $11,000 of inventory. During the year, Snaplt purchased $37,000 of merchandise and sold $31,500 of merchandise. A physical count of inventory at year-end shows $12,000 of inventory exists. Prepare the entry to record inventory shrinkage View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. Merchandise Cost of Goods Inventory Sold Enter the summarized activities in the T-account below. Cost of Goods Sold