INTERMEDIATE ACCOUNTING
INTERMEDIATE ACCOUNTING
1st Edition
ISBN: 9781264920532
Author: SPICELAND
Publisher: MCG
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Foster Retail Inc. uses a perpetual inventory system and reported $610,000 of inventory at the beginning of the month based on a physical count. During the month, the company purchased $75,000 of inventory and sold inventory that had cost $60,200. At the end of the month, a physical count of inventory shows $622,000 on hand. How much shrinkage occurred during the month?
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