1. At the end of accounting period, the system shows inventory on hand $200,000 and the opening inventory of the company was $300,000) whereas, the purchases was $10,000. At the end of period, the physical tour shows that only $185,000 inventory is preset. What would be the amount of shrinkage? Also, Define in one two lines the possible reasons for inventory shrinkage. 2. ABC Company update its record immediately after every transaction. On January 01, the company purchase $100,000 goods on credit terms 2/15, n/30. Record shows that ABC Company paid full amount on January 18, what would be the amount ABC Company should record at the time of purchase? if company uses Net Method. Also define the advantages of using Net Cost method in two lines. 3. ABC Company maintain its record at the end of accounting period. Opening inventory: 10,000 Purchases: 60,000 Ending Inventory: 30,000 What would be the amount of Cost of goods available for sale? Also define in two lines what does amount of cost of goods available for sale shows