Joe's Market has the following inventory data for July: • Beginning inventory: $35,420 Purchases during month: $82,750 Cost of goods sold (per perpetual records): $89,300 • Actual ending inventory (physical count): $27,600 Calculate the amount of inventory shrinkage for July. a. $870 b. $1,270 c. $1,700 d. $2,050
Joe's Market has the following inventory data for July: • Beginning inventory: $35,420 Purchases during month: $82,750 Cost of goods sold (per perpetual records): $89,300 • Actual ending inventory (physical count): $27,600 Calculate the amount of inventory shrinkage for July. a. $870 b. $1,270 c. $1,700 d. $2,050
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 46E
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