Green Mart operates with a perpetual inventory system. On March 1, their physical inventory count showed $348,000 in stock. During March, they purchased additional inventory worth $63,000 and sold inventory that had cost them $58,700. The physical count at the end of March revealed $350,000 of inventory on hand. Calculate the inventory shrinkage for March. a. $2,300 b. $4,300 c. $6,500 d. $1,800

Green Mart operates with a perpetual inventory system. On March 1, their physical inventory count showed $348,000 in stock. During March, they purchased additional inventory worth $63,000 and sold inventory that had cost them $58,700. The physical count at the end of March revealed $350,000 of inventory on hand. Calculate the inventory shrinkage for March. a. $2,300 b. $4,300 c. $6,500 d. $1,800

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
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