Flynn Company uses a perpetual inventory system and reported $525,000 of inventory at the beginning...
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Accounting
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 58,200 of inventory and sold inventory that had cost $37,750. At the end of the month, the physical count of inventory shows $545,000 on hand. How much shrinkage occurred during the month? a. $38,200. b. $20,000 c. $450 d. $37,300
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