Question: A situation where physical Inventory Is valued less than book Inventory Is referred to as a: Answer: A) shortage. B) overage C) net markdowns D)

A situation where physical Inventory Is valued less than book Inventory Is referred to as a: Answer: A) shortage. B) overage C) net markdowns D) cancellation. Given the following Information, calculate shortage or overage percent: Opening Inventory $28, 642 Gross purchases 136, 118 RTV 3, 408 Transfer In 1, 860 Transfer out 1, 030 Gross sales 122, 260 Customer returns 5, 816 Markdowns 8, 348 Markdown cancellations 758 Employee discounts 560 Closing physical inventory 36, 463 Answer: A) Shortage of 3.00% B) Shortage of 2.09% C) Overage of 0.49% D) Shortage of 0.97% Given the following Information, calculate book inventory: Opening inventory $75, 842 Gross purchases 461, 113 RTV 13, 833 Transfers in 5, 672 Transfers out 6, 084 Additional markup 286 Markdowns 42.811 Markdown cancellations 3, 286 Employee discounts 1, 948 Gross sales 433, 717 Customer returns 18.687 Closing physical inventory 67, 129 Answer: A) $66.493 B) $66.905 C) $67.317 D) $66.207

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