Assuming That Anderson Uses the FIFO Flow Assumption, It Should

question 153

Multiple Choice

Assuming that Anderson uses the FIFO flow assumption, it should record this inventory shrinkage by:

• A) Crediting Cost of Goods Sold $7,500.
• B) Debiting Cost of Goods Sold $7,000.
• C) Crediting Cost of Goods Sold $7,000.
• D) Debiting Cost of Goods Sold $7,500.

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