Beginning inventory for the period was $100,000. Purchases for the period totaled $550,000 and sales were $1,000,000.
Question:
(1) Compute cost of goods sold assuming that a periodic system is used and
(2) Make the journal entry to record inventory shrinkage assuming that a perpetual system is used and cost of goods sold according to the system was $460,000.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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1 Beginning inventory 100000 Plus Purchases 550000 Cost of goods available for sale 650000 Les...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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