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What is inventory shrinkage? What are some of the reasons for inventory shrinkage? How do we record and report inventory shrinkage? Which accounts are affected?

  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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