Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Attendance at Physical Inventory Counting. A processor of frozen foods carries an inventory of finished products consisting of 50 different types of items valued at approximately $2,000,000. About $750,000 of this value represents stock produced by the company and billed to customers prior to the audit date. This stock is being held for the customers at a monthly rental charge until they request shipment and is not separate from the company's inventory. The company maintains separate perpetual ledgers at the plant office for both stock owned and stock being held for customers. The cost department also maintains a perpetual record of stock owned. The above perpetual records reflect quantities only. The company does not take a complete physical inventory at any time during the year, since the temperature in the cold storage facilities is too low to allow one to spend more than 15 minutes inside at a time. It is not considered practical to move items outside or to defreeze the cold storage facilities for the purpose of taking a physical inventory. Because of these circumstances, it is impractical to test count quantities to the extent of completely counting specific items. The company considers as its inventory valuation at year-end the aggregate of the quantities reflected by the perpetual record of stock owned, maintained at the plant office, priced at the lower of cost or market.
Required:
A. What are the two principal problems facing the auditor in the audit of the inventory? Discuss briefly.
B. Outline the audit steps that you would take to enable you to render an unqualified opinion with respect to the inventory. (You may omit consideration of tests of unit prices and clerical accuracy.)
A loan of $20000 is to be financed to assist a person's colllege education. Based upon monthly compounding for 48 months, the end-of-the-month equal payment is quoted as $520. What nominal interest rate is being charged
A monopolist produces according to the following demand curve: p=200 - 4Q. Assume that the firm faces a constant marginal cost and constant average total cost of 60 per unit produced. A.calculate the optimal output that this monopolist should produ..
Derive the Newton-Raphson algorithm for maximizing the multinomial log-likelihood, and describe how you would implement this algorithm.
Using cash flow analysis determine the best currency option in which IBM should invest. Be sure to show your complete calculations of the annual return on each investment at the end of the three-year term.
in a population y100 and y43. use the central limit theorem to answer the following questionsa. in a random sample of
Suppose a person expects to live six periods. This person has no accumulated wealth and receives an income of $15 in each of the first 4 periods.After period 4 this person retires and receives no wage income.
A sample of 60 individuals, all in reasonably good health, was selected; 20 individuals were residents of Florida, 20 were residents of New York, and 20 were residents of North Carolina.Each of the individuals sampled was given a standardized test..
A firm uses two variable inputs, labor, L, and raw materials, M, with typically shaped isoquants. It pays $20 per hour for L and $5 per unit for M. At the current mix of L and M, the marginal products of L and M are: MPL = 20 MPM = 4
there are 20 million households in country x and 4 million of them are below the poverty line. what is the poverty
the general price inflation in our economy, the purchasing power of the dollar shrinks with the passage of time. If the average general inflation rate is expected to be 7% per year for the foreseeable future, how many years will it take for the do..
If you want to have $100,000 in the account at the end of the 15th year, how much money would you have to deposit in the account at the end of each year (equal annual deposits for 15 years).You are investing in an account that will pay 15% interest..
An important factor in selling a residential property is the number of people who look through the home. A sample of 17 homes recently sold in the Buffalo, New York, area revealed the mean number looking through each home was 19
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd