Corey’s Campus Store has $4,000 of inventory on hand at the beginning of the month. During themonth, the company buys $41,000 of merchandise and sells merchandise that had cost $30,000. At theend of the month, $13,000 of inventory is on hand. How much shrinkage occurred during the month?

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During its first month of business, Dig the Dogs, Inc. purchased $700 of hotdogs of which it paid $300 and owes the rest. During the month, it sold 3/4 of its inventory for $1,000 on account. What is the amount of Cost of Goods Sold for the month ended?

The beginning inventory of the Designer Shoe Salon for August was 750 pairs of shoes. On the 9th, it received a shipment from the factory of 296 pairs. On the 23rd, another shipment of 166 pairs arrived. When inventory was taken at the end of the month, there were 641 pairs left. How many pairs of shoes were sold that month?pairs sold

Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The companyhad the following transactions during the month:Jan. 3 Sold 20 units on account at a selling price of $15 per unit.6 Bought 30 units on account at a cost of $10 per unit.16 Sold 30 units on account at a selling price of $15 per unit.19 Sold 20 units on account at a selling price of $20 per unit.26 Bought 10 units on account at a cost of $10 per unit.31 Counted inventory and determined that 160 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system,including any “book-to-physical” adjustment that might be needed.TIP: Adjust for shrinkage by decreasing Inventory and increasing Cost of Goods Sold.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if…

Concord Corporation's retail store and warehouse closed for an entire weekend while the year-end inventory was counted. When the count was finished, the controller gathered all the count books and information from the clerical staff, completed the ending inventory calculations, and prepared the following partial income statement for the general manager for Monday morning: Sales Beginning inventory Purchases Total goods available for sale Less: Ending inventory Cost of goods sold Gross profit 642,000 untany 1,550,000 4 2,192,000 642,000 $ 2,741,000 The general manager called the controller into her office after quickly reviewing the preliminary statements. "You've made an error in the inventory," she stated. "My pricing all year has been carefully controlled to provide a gross profit of 35%, and I know the sales are correct." (a) How much should the ending inventory have been? 1,550,000 $1,191,000

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