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Compute how much shrinkage occurred during the month

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Problem 1: Windsor, Inc. uses a perpetual inventory system and reported $514,260 of inventory at the beginning of the month based on a physical count of inventory. During the month, the company bought $64,900 of inventory and sold inventory that had cost $38,000. At the end of the month, the physical count of inventory shows $540,000 on hand. How much shrinkage occurred during the month?

Option 1: $1,160

Option 2: $39,160

Option 3: $25,740

Option 4: $36,840

Reference no: EM132717013

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