Question
A company uses a perpetual inventory system. Beginning inventory for the period was $160,000. Purchases for the period totaled $700,000. A physical count of ending
A company uses a perpetual inventory system. Beginning inventory for the period was $160,000. Purchases for the period totaled $700,000. A physical count of ending inventory revealed inventory of $130,000. Cost of goods sold according to the perpetual system is $690,000.
What is the amount of inventory shrinkage?
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Using Accounting & Financial InformationAnalyzing, Forecasting, And Decision Making
Authors: Mark S. Bettner
2nd Edition
1947098683, 9781947098688
