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Gage suspects some inventory may have been shoplifted

Question - Gage completed a physical inventory on 12-31-15 and calculated an ending inventory of $100,000, at cost. In recent years, Gage's gross profit equaled 42% of Gage's selling price. Gage suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items.

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Accounting Basics: Gage suspects some inventory may have been shoplifted

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