Sheridan Co. uses a perpetual inventory system. On May 1, beginning inventory was $350,000. During May, Sheridan purchased $122,500 of inventory and sold $248,500 of inventory. After the store closed on May 31, employees counted the inventory in the store and found that $210,000 of inventory remained unsold. What was Sheridan's inventory shrinkage?
A. $224,000
B. $262,500
C. $161,000
D. $14,000
Answer: D
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