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Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
Edition 17ISBN: 978-0078025778Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
Edition 17ISBN: 978-0078025778 Exercise 57
Inventory Shrinkage
Bruing Company's inventory is subject to shrinkage via evaporation. At the end of the current financial reporting period, the company's inventory had a cost of $100,000. Management estimates that evaporation has resulted in a 6 percent inventory loss. Assuming that loss is recorded in a separate inventory loss account, prepare the general journal entry to record the inventory shrinkage for the year.
Bruing Company's inventory is subject to shrinkage via evaporation. At the end of the current financial reporting period, the company's inventory had a cost of $100,000. Management estimates that evaporation has resulted in a 6 percent inventory loss. Assuming that loss is recorded in a separate inventory loss account, prepare the general journal entry to record the inventory shrinkage for the year.
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Prepare the journal entry to record the ...
Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
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