Question

The Inventory account for McCormack Tire Company had a balance of $112,600 at the end of its fiscal year. A physical count taken at year end revealed that the value of inventory on hand amounted to $110,800.
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. What could cause the inventory balance according to the physical count to be different from the ledger balance?


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  • CreatedJuly 08, 2015
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