Auto Parts Inc. began the current month with inventory costing $40,000, then purchased inventory at...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Auto Parts Inc. began the current month with inventory costing $40,000, then purchased inventory at a cost of $175,000. The perpetual inventory system indicates that inventory costing $120,000 was sold during the month for $160,000. If an inventory count shows that inventory costing $92,000 is actually on hand at month-end, what amount of shrinkage occurred during the month? The answer is $ 3000 but could you please give the detailed solution of how to calculate the required result? Thank you very much sir!
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
