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19. Physical inventory for the shoe department was $1,975,000 with a book inventory showing $2,160,000. Net sales for shoes for the year are $6,850,000. Was there a shortage or overage? What is the shortage or dollar amount and percentage? overage

19. Physical inventory for the shoe department was $1,975,000 with a book inventory showing $2,160,000. Net sales for shoes for the year are $6,850,000. Was there a shortage or overage? What is the shortage or dollar amount and percentage? overage

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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19. Physical inventory for the shoe department was $1,975,000 with a book inventory showing $2,160,000. Net sales for shoes for the year are $6,850,000. Was there a shortage or overage? What is the shortage or overage dollar amount and percentage?
Transcribed Image Text:19. Physical inventory for the shoe department was $1,975,000 with a book inventory showing $2,160,000. Net sales for shoes for the year are $6,850,000. Was there a shortage or overage? What is the shortage or overage dollar amount and percentage?
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