The Tuck Shop began the current month with inventory costing $26,315, then purchased Inventory at a cost of $65,690. The perpetual inventory system indicates that inventory costing $73,000 was sold during the month for $76,850. If an inventory count shows that inventory costing $18,700 is actually on hand at month end, what amount of shrinkage occurred during the month? a. $305 b. $11,160 c. $19,005 d. $18,695

The Tuck Shop began the current month with inventory costing $26,315, then purchased Inventory at a cost of $65,690. The perpetual inventory system indicates that inventory costing $73,000 was sold during the month for $76,850. If an inventory count shows that inventory costing $18,700 is actually on hand at month end, what amount of shrinkage occurred during the month? a. $305 b. $11,160 c. $19,005 d. $18,695

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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