Old Exam Packet – Acct 284 - Iowa State University

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 at month-end, what amount of shrinkage occurred during the month? A. $500. B. $5,000. C. $14,495. D. $15,000. 6. ................
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