Question: Please help me Question 14 When using a perpetual inventory system, the adjusting entry required when merchandise inventory records do not agree with the physical

Please help me

Question 14

When using a perpetual inventory system, the adjusting entry required when merchandise inventory records do not agree with the physical count

  2. requires reporting a loss when actual is higher than records.
  3. has no effect on cost of goods sold.
  4. has an effect on cost of goods sold.
  5. requires reporting a gain when actual is lower than records.

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