Question: 3) What is inventory shrinkage? How do managers account for shrinkage? 4) How do closing entries for a merchandising company that uses the perpetual inventory

3) What is inventory shrinkage? How do managers account for shrinkage? 4) How do closing entries for a merchandising company that uses the perpetual inventory system differ from the closing entries for a service company? 5) Describe the difference(s) between the periodic and the perpetual inventory accounting systems 6) Describe why tracking inventory activities are necessary for a merchandising company. Answer the questions

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