Inveritories, Part l 179Required:Determine the amount of the net inventory overage or shortage and give theadjustment to the perpetual inventory records. Give any entry record the finaldisposition of any discrepancy. (Note: An inventory shortage is a loss.) Problem 1Perpetual Inventory: Shortage, Entries. Canada Pipe Company uses aperpetual inventory system. The items on hand are inventoried on a rotationbasis throughout the year so that all items are checked twice each year. Atthe end of the year, the following data relating to goods on hand areavailable:From Perpetual InventoryUnitsFrom PhysicalCount (units)390ProductUnit CostP12A..450B..1,5002,0008,00013,00051,5201,9507,98013,100......D.......E. .426

Name: Inveritories, Part l 179Required:Determine the amount of the net inve
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Description: Inveritories, Part l 179Required:Determine the amount of the net inventory overage or shortage and give theadjustment to the perpetual inventory records. Give any entry record the finaldisposition of any discrepancy. (Note: An inventory shortage is

Perpetual inventory system is the system of recording the level of inventory at a continuously means…

Business

Accounting

adjustment to the perpetual inventory records. Give any entry record the final disposition of any discrepancy. (Note: An inventory shortage is a loss.) Determine the amount of the net inventory overage or shortage and give the Required:

adjustment to the perpetual inventory records. Give any entry record the final disposition of any discrepancy. (Note: An inventory shortage is a loss.) Determine the amount of the net inventory overage or shortage and give the Required:

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 62E

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