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Inventory "shrinkage" can occur due to spoilage, obsolescence or theft. Spoilage is more common when dealing with inventory with a short shelf life such as food. As food nears its use-by date, it is often marked down for sale before it loses all of its value. Obsolescence commonly occurs as a result of changes in technology. As the rate of change in technology accelerates, this is becoming a problem, particularly in industries where inventory is subject to rapid change. Clothing fashion is another area where inventory may lose value due to obsolescence or change of preference amongst consumers. Customer and staff theft of inventory represents a major cost to retailers.
Required:
Problem (a) How would inventory "shrinkage" be accounted for?
Problem (b) Which inventory system would be most useful in determining inventory shrinkage and why?
Problem (c) Do you think inventory "shrinkage" should be reported in the financial statements or merged into the item "cost of sales"? Explain.
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