Write the accounting entry to record shrinkage transaction

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Question 1: An organization discovers in a physical inventory count that the actual inventory on hand is $50,000 less than the value on the books. Write the accounting entry to record this shrinkage transaction.

Question 2: Miami Trinity Health Care has an average inventory balance of $2 million. The total annual supply expense is $10 million. Using a 360-day year, calculate the days of supply.

Question 3: A product has total usage of 1,000 over the course of the year. Each item costs $20. The transactional order cost from procurement is $50 each transaction, and the annual carrying cost is 10% of the total annual cost. Calculate the economic order quantity.

Reference no: EM132609859

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