Phillips Company uses a perpetual inventory system and reported $512,000 of inventory at the beginning of the month based on a physical count of inventory. During the month, the company bought $53,000 of inventory and sold inventory that had cost $48,000. At the end of the month, the physical count of inventory shows $515,000 on hand. How much shrinkage occurred during the month? Multiple Choice $46,000 $50,000 $3,000 $2,000