Question: I am looking for help with this general accounting question using proper accounting standards. A company begins the month with $40,000 in inventory, purchases $85,000

I am looking for help with this general accounting question using proper accounting standards.

A company begins the month with $40,000 in inventory, purchases $85,000 of new inventory, and sells inventory with a cost of $95,000. At month end, a physical count shows $28,500 in inventory on hand. What is the amount of shrinkage

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