Sigfusson Supplies reported beginning inventory of 115 units, for a total cost of $4,025. The company had the following transactions during the month:

Jan.

6

Sold 45 shovels on account at a selling price of $45 per unit.

9

Bought 35 shovels on account at a selling price of $35 per unit.

11

Sold 35 shovels on account at a cost of $50 per unit.

19

Sold 45 shovels on account at a selling price of $55 per unit.

27

Bought 35 shovels on account at a cost of $35 per unit.

31

Counted inventory and determined that 25 units were on hand.

Prepare the journal entries that would be recorded using periodic inventory system based on the above information.

Prepare the journal entries that would be recorded using a perpetual inventory system, including any book-to-physical adjustment that might be needed.

Jan O6 Record the sales revenue on account

Jan 06 Record the Cost of Goods sold

Jan 09 Record the Purchase of inventory on account

Jan 11 Record the sales revenue on account

Jan 11 Record the cost of goods sold

Jan 19 Record the sales on account

Jan 19 Record the cost of goods sold

Jan 27 Record the purchase of inventory on account

Jan 31 Record the book to physical adjustment

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

	a. One cannot determine
	b. $1225

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