Part 2 of 2 Save Sign ou Points: 1.33 of 2 Top Fuel Auto Parts, Inc., had the following FIFO perpetual inventory record for one of its inventory tems at November 30, the end of the fiscal year Click the icon to view the perpetual record) A physical count of the inventory performed at year's end revealed $172 20 (28 tems) of inventory on hand for this lem. Read the requirements ntin Requirement 1. Journalize the adjusting entry for inventory. If any is required. (Record debits first, then credits. Exclude explanations from my journal entries. It no adjustment is needed, select "No entry required on the first line of the Accounts column and leave all other cells blank, Enter amounts to the nearest cont) Journal Entry Accounts Debit Credit Cost of goods sold 12:30 Inventory 12.30 Date orrect: record? Requirement 2. What could have caused the value of the ending inventory based on the physical count to be lower than the amount based on the perpetual inventory The difference between the ending inventory value based on the physical count and the value based on the perpetual inventory record could have been caused or by by errors when recording Inventory related transaction by purchasing inventory moms for cash by purchasing inventory toma on account et More Help Clear All Check Answer Top Fuel Auto Parts, Inc, had the following FIFO perpetual inventory record for one of its inventory itens at November 30, the end of the fiscal year Click the icon to view the perpetual record) A physical count of the inventory performed at year's end revealed $172 20 (28 items) of Inventory on hand for this tem Read the requirements Requirement 1. Journalize the adjusting entry for Inventory, if any is required. (Record debits first, then credits. Exclude explanations from any journal entries. If no adjustment is needed, select "No entry requiredon the first line of the Accounts column and leave all other cells blank. Enter amounts to the nearest cont) Journal Entry Date Accounts Debit Credit Cost of goods sold 12.30 Inventory 12.30 Requirement 2. What could have caused the value of the ending inventory based on the physical count to be lower than the amount based on the perpetual inventory record? The difference between the ending inventory value based on the physical count and the value based on the perpetual inventory record could have been caused or by a change in the inventory market value Inventory shrinkage