St. Book Shop's unadjusted Merchandise Inventory at June 30, 2018 was $ 5 comma 600. The cost associated with the physical cou
nt of inventory on hand on June 30, 2018, was $ 5 comma 500. In addition, Morgan St. Book Shop estimated approximately $ 1 comma 200 of merchandise sold will be returned with a cost of $ 550.
Journalize the adjustment for inventory shrinkage.
Journalize the adjustment for inventory shrinkage.
1 answer:
Inventory shrinkage is the shortage of inventory in physical count when compared with the system records.
Explanation:
Write down the values given in the question
St. Book Shop's unadjusted Merchandise Inventory at June 30, 2018 was $ 5 comma 600.
he cost associated with the physical count of inventory on hand on June 30, 2018, was $ 5 comma 500.
Morgan St. Book Shop estimated approximately $ 1 comma 200 of merchandise sold will be returned with a cost of $ 550.
the adjustment for inventory shrinkage is explained in the table attached
The amount that is credited and debited are are found by following the
Note : Inventory shrinkage is the shortage of inventory in physical count when compared with the system records.
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