Sigfusson Supplies reported beginning inventory of 125 units, for a total cost of $2,500. The company had the following transactions during the month:

Jan.	6	Sold 20 shovels on account at a selling price of $30 per unit.
	9	Bought 10 shovels on account at a selling price of $20 per unit.
	11	Sold 10 shovels on account at a cost of $35 per unit.
	19	Sold 20 shovels on account at a selling price of $40 per unit.
	27	Bought 10 shovels on account at a cost of $20 per unit.
	31	Counted inventory and determined that 85 units were on hand.

Required:
1.	Prepare the journal entries that would be recorded using 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 periodic inventory system?

	A.One cannot determine
	B.$200

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

Amount of Shrinkage:_________