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Prepare the entry to record inventory shrinkage

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Question - At the beginning of the year, SnapIt had $10,800 of inventory. During the year, SnapIt purchased $36,600 of merchandise and sold $31,200 of merchandise. A physical count of inventory at year-end shows $11,800 of inventory exists. Prepare the entry to record inventory shrinkage.

Reference no: EM133114213

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