Knowledge Check 01 Kylan Enterprises began the current month with Inventory costing S10.000, 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 ot month-end, what amount of shrinkage occurred during the month? Amount of the Knowledge Check 01 Which of the following statements regarding purchase discounts are true? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Terms of "270,n30" mean tjat if the purchaser pays by the 10th day of taking ownership of the goods, a 2 purchase discount can be deducted from the amount owed A company that accounts for purchase discounts when the goods are first purchased is using the cross method ales con chose between te grossuthod and the net method." Best of the method used tory motely a recorded ots cost ter subtracting any purchase discount Knowledge Check 01 In a perpetual inventory system which of the following accounts appear on the income statement of merchandisers? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded os incorrect.) Cho Accoum Receivable Cort of Goods Solo