Question
At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit
At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs:
Purchased in August: 30 units at $750 per unit.
Purchased in November: 30 units at $700 per unit.
A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand
Assuming that Anderson uses the FIFO cost flow assumption, it should record this inventory shrinkage by:
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Managerial Accounting
Authors: Karen Braun, Linda S Bamber
2nd Edition
136091164, 978-0136091165
