The following amounts summarize Berloni Companys merchandising activities during 2023. Berloni uses the perpetual inventory system. Set
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The following amounts summarize Berloni Company’s merchandising activities during 2023. Berloni uses the perpetual inventory system. Set up T-accounts for Inventory and Cost of Goods Sold. Post the amounts below directly into the accounts and calculate the balances. Briefly discuss the possible causes of the shrinkage amount.
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Cost of inventory sold to customers...... Inventory balance, December 31, 2022.. Invoice total for inventory purchases .…..... Cost of freight-in........... Cost of undamaged inventory returned by customers. Shrinkage calculated on December 31, 2023. Purchase discounts received........ Purchase returns and allowances received....... $ 93,000 15,500 98,000 5,000 10,000 12,000 3,000 1,500
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Related Book For
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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