A complete physical inventory

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Reference no: EM13963548

At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs:

Purchased in August: 30 units at $750 per unit.
Purchased in November: 30 units at $700 per unit.

A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand.

Assuming that Anderson uses the LIFO flow assumption, it should record this inventory shrinkage by:

a. Debiting Cost of Goods Sold $7,000.

b. Crediting Cost of Goods Sold $7,500.

c. Debiting Cost of Goods Sold $7,500.

d. Crediting Cost of Goods Sold $7,000

Reference no: EM13963548

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