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c. A physical inventory account resulted in the following counts: desk lamps, 995; table lamps, 5,688, and floor lamps, 15,20
Desk lamps: Inventory on Hand Purchases Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Quantity Date S
Table Lamps: Purchases Unit Cost Cost of Goods Sold Unit Quantity Cost Cost Total Cost Total Quantity Date Sep. 30 Oct 1 Inve
Floor lamps: Purchases Inventory on Hand Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Quantity Date
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Answer #1
Journal Entry:
Date accounts and explanation Debit $ Credit $
31-Dec Cost of Goods Sold 358
Merchandise Inventory 358
(Adjustment for inventory shrinkage)
Amount $
Dect lamps 70
Table lamps 288
Floor lamps 0
total 358
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