Reference no: EM132995073
Question - Burisma Corp uses a perpetual inventory system. They take a physical count of its inventory at the end of each month. For the month of June of the current year, the accounting records provided the following information for one of its products:
Units Unit Cost Book Value of Inventory
Beginning inventory 11,200 $11.00 $123,200
Purchase, June 5 16,000 $ 9.00 144,000
Purchase, June 18 16,000 $ 6.00 96,000
Sale, June 25 ($30 per unit) (25,600)
Ending inventory (before physical count) 17,600
The company uses FIFO inventory to account for its inventory. On June 30, Burisma counted its inventory and found that it only had 15,300 units on hand. What is the cost of the inventory shrinkage that the Burisma will charge to COGS for the month of June?
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