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inventory, Basic Statistics
An audit of the accounting records of Loch Ness Ltd. for the year ending 30 June 2012 discovered that the ending inventory balance was overvalued by $35,000. Upon further investigation, it was discovered that the ending inventory for the previous year was correctly counted and valued, but that the inventory balance as at 30 June 2010 was undervalued by $90,000.
The auditor, concerned at these errors, decides to carry out a thorough investigation (audit) as to the inventory values shown in the company’s financial statements during its sixyear history. The following additional errors were detected:
(i) as at 30 June 2009, inventory was overvalued by $15,000
(ii) as at 30 June 2008, inventory was undervalued by $55,000
Required :
1. Determine the effects that these errors have had on the company’s profit figures in each year, beginning in the year ended 30 June 2008.
2. Determine the effect of the inventory errors on the company’s balance sheets over the total time period. Include in your answer the cumulative impact on the company’s retained profits/earnings.
Posted Date: 5/2/2012 11:51:01 PM  Location : United States
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