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You have completed your physical count of inventory and determined the ending balance to be$362,000. Your company uses a perpetual inventory system and you are
You have completed your physical count of inventory and determined the ending balance to be$362,000. Your company uses a perpetual inventory system and you are not sure if yourinventory records are correct. What will you do in this situation?
answer: Compare the unadjusted balance in the inventory account to the balance per the physical count; if amounts do not agree,make an adjusting entry to inventory
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