Solved: Record the amount of ending inventory, Cost Accounting

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Record the amount of ending inventory

Response to the following problem:

Larkin Company employs the perpetual inventory system. Cost of Goods Sold for the year before any adjustment is $553,250. The computer record shows the amount of ending inventory to be $369,583, while the physical count shows ending inventory to be $362,720.

Record the adjustment into T accounts and then journalize the adjusting entry.

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Cost Accounting: Record the amount of ending inventory

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