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I need help answering these questions for my homework! Please help me with the right answers. Course: Financial Accounting 1) What is inventory shrinkage? 2)

I need help answering these questions for my homework! Please help me with the right answers.

Course: Financial Accounting

1) What is inventory shrinkage?

2) What are some of the reasons for inventory shrinkage?

3) How do we record and report inventory shrinkage?

4) Which accounts are affected?

5) Provide examples of some procedures that can avoid inventory shrinkage. Support your answers.

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