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