Platoon Inc. made sales of $90,700 during the current year. The cost of goods sold was $80,900. The company calculated its gross profit ratio, but later, its inventory records indicated an inventory shrinkage of $1,200. What is the effect of inventory shrinkage on the gross profit percent?

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06-07-2024
Business

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Platoon Inc. made sales of $90,700 during the current year. The cost of goods sold was $80,900. The company calculated its gross profit ratio, but later, its inventory records indicated an inventory shrinkage of $1,200. What is the effect of inventory shrinkage on the gross profit percent?

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