E. Flynn Company uses a perpetual inventory system and reported $525 - 10248

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E. Flynn Company uses a perpetual inventory system and reported $525,000 of inventory at the beginning of the month based on a physical count of inventory. During the month, the company bought $67,900 of inventory and sold inventory that had cost $40,500. At the end of the month, the physical count of inventory shows $545,000 on hand. How much shrinkage occurred during the month?

 

 

 

$33,100

$7,400

$20,000

$47,900

 

Solution Description

 

E. Flynn Company uses a perpetual inventory system and reported $525,000 of inventory at the beginning of the month based on a physical count of inventory. During the month, the company bought $67,900 of inventory and sold inventory that had cost $40,500. At the end of the month, the physical count of inventory shows $545,000 on hand. How much shrinkage occurred during the month?

 

 

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