Question: any help please In this module, you will learn that the costs of goods purchased are added to inventory on the balance sheet and the
In this module, you will learn that the costs of goods purchased are added to inventory on the balance sheet and the costs of goods sold are removed from Inventory and reported as an expense called Cost of Goods Sold on the income statement). You also learned about the periodic Inventory system which only updates the inventory records at the end of the period, and the perpetual inventory system, which provides the best inventory control since it tracks inventory constantly. Finally, you learned about inventory shrinkage, which is loss of inventory from theft, fraud, and errors Estimating Inventory Shrinkage Beginning Inventory + Purchases Goods Sold Ending Inventory Beginning inventory 2 T-shirts Total Cost of $20 TTTT Inventory Purchases 8T-shirts Totaf Cost of 580 Inventory Available: 10 T-shirts Total Cost of $100 TIT TTTT Inventory Sold 6T-shirts Total Cost Knowledge Check 01 Kylah Enterprises began the current month with inventory costing $10,000, then purchased inventory at a cost of $35,000. The perpetual inventory system indicates that inventory costing $30,000 was sold during the month for $40,000. If an inventory count shows that inventory costing $14.500 is actually on hand at month-end, what amount of shrinkage occurred during the month? Amount of shrinkage
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