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Fancy Flooring Inc. began the current month with inventory costing $25,000, then purchased inventory at a cost of $180,000. The perpetual inventory system indicates that
Fancy Flooring Inc. began the current month with inventory costing $25,000, then purchased inventory at a cost of $180,000. The perpetual inventory system indicates that inventory costing $120,000 was sold during the month for $140,000. If an inventory count shows that inventory costing $90,000 is actually on hand at month-end, what amount of shrinkage occurred during the month?
$0. | ||
$5,000. | ||
$15,000. | ||
$25,000. |
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