The Physical Count of Inventory of a Retailer Was Higher

question 39

Multiple Choice

The physical count of inventory of a retailer was higher than shown by the perpetual records. Which of the following could explain the difference?

• A) Credit memos for several items returned by customers had not been recorded.
• B) Inventory items had been counted but the tags placed on the items had not been taken off the items and added to the inventory accumulation sheets.
• C) An item purchased 'FOB shipping point' had not arrived at the date of the inventory count and had not been reflected in the perpetual records.
• D) No journal entry had been made on the retailer's books for several items that the retailer returned to its suppliers.

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