Corey’s Campus Store has $4,000 of inventory on hand at the beginning of the month. During themonth, the company buys $41,000 of merchandise and sells merchandise that had cost $30,000. At theend of the month, $13,000 of inventory is on hand. How much shrinkage occurred during the month?

Corey’s Campus Store has $4,000 of inventory on hand at the beginning of the month. During themonth, the company buys $41,000 of merchandise and sells merchandise that had cost $30,000. At theend of the month, $13,000 of inventory is on hand. How much shrinkage occurred during the month?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Corey’s Campus Store has $4,000 of inventory on hand at the beginning of the month. During the
month, the company buys $41,000 of merchandise and sells merchandise that had cost $30,000. At the
end of the month, $13,000 of inventory is on hand. How much shrinkage occurred during the month?

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