Business, 29.11.2019 02:31 mathiscool51

At year-end, the perpetual inventory records of anderson co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs:

purchased in august: 30 units at $750 per unit.
purchased in november: 30 units at $700 per unit.
a complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand.
assuming that anderson uses the lifo flow assumption, it should record this inventory shrinkage by:

a. debiting cost of goods sold $7,000.
b. crediting cost of goods sold $7,500.
c. debiting cost of goods sold $7,500.
d. crediting cost of goods sold $7,000.

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At year-end, the perpetual inventory records of anderson co. indicate 60 units of a particular produ...