Use the information provided to answer the following question. Beginning Inventory Net Purchases Gross Profit %...

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Use the information provided to answer the following question. Beginning Inventory Net Purchases Gross Profit % Sales $104,141 $118,822 40% $154,759 If the physical count of inventory was $100,000, then what should be the recorded amount of inventory shrink? *Round to the nearest dollar (no pennies). Use the information provided to answer the following question. Beginning Inventory Net Purchases Gross Profit % Sales $104,141 $118,822 40% $154,759 If the physical count of inventory was $100,000, then what should be the recorded amount of inventory shrink? *Round to the nearest dollar (no pennies).

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The percentage of inventory shrinkage can be calculated using the gross profit method Using the g... View the full answer