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1. If a firm's beginning inventory is $70,000, goods purchased during the period cost $260,000, and the cost of goods sold is $300,000. In addition,

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1. If a firm's beginning inventory is $70,000, goods purchased during the period cost $260,000, and the cost of goods sold is $300,000. In addition, if the firm physically counted ending inventory is measured at $29,000, what is the inventory shrinkage loss? A. $1,000 B. $21,000 C. $31,000 D. $71,000

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