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Why do we take inventory

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Question - Why do we take inventory? What are some of the challenges we face preparing for and conducting a full inventory? Does technology make taking inventory obsolete (bar codes, point-of-sale tracking, etc.) if not, why not? What does the accounting department do with reported differences? We often think of inventory shrinkage (countless on-hand than your records indicate you should have), Can you have more inventory than your records indicate? What would cause this?

Reference no: EM132651376

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