Ray Blocker Sunglasses had the following FIFO perpetual inventory record at April 30, the end of the

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Ray Blocker Sunglasses had the following FIFO perpetual inventory record at April 30, the end of the fiscal year.
Ray Blocker Sunglasses had the following FIFO perpetual inventory record

A physical count of the inventory performed at year-end revealed $672.50 of inventory on hand.
Requirements
1. Journalize the adjusting entry for inventory, if any is required.
2. What could have caused the value of the ending inventory based on the physical count to be lower than the amount based on the perpetual inventory record?

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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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-0132889711

1st Canadian Edition

Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper

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