User Account

All Pages

inventory, Basic Statistics

Assignment Help:
An audit of the accounting records of Loch Ness Ltd. for the year ending 30 June 2012 discovered that the ending inventory balance was over-valued 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 under-valued 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 six-year history. The following additional errors were detected:

(i) as at 30 June 2009, inventory was over-valued by $15,000

(ii) as at 30 June 2008, inventory was under-valued 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.

Related Discussions:- inventory

Electric fields, what is the electric field at point x if q=7*10^-6 C d=6m

what is the electric field at point x if q=7*10^-6 C d=6m

Explain hypothesis test, Oprah Winfrey endorsed Barack Obama in the Democra...

Oprah Winfrey endorsed Barack Obama in the Democratic presidential primary. Does Oprah's endorsement make a difference? If so, we would expect support for Obama to be higher among

Index numbers, What are the advantages and disadvantages of index numbers

What are the advantages and disadvantages of index numbers

Dr. s.n.de, uses of time series with example

uses of time series with example

Hypothesis testing.., Miller (2008) examined the energy drink consumption o...

Miller (2008) examined the energy drink consumption of college undergraduates and found that males use energy drinks significantly more often than females. To further investigate t

Z test, z test

z test

Accreted value definition, An assessment time frame for certain purchases a...

An assessment time frame for certain purchases and debt equipment that reviews on the stability piece only that part of their face value that shows major and interest acquired curr

T test, Ten students are given coaching for environmental statistics. The s...

Ten students are given coaching for environmental statistics. The score obtained in tests 1 and 5 are given below: Sl No of student 1 2 3 4 5 6 7 8 9 10 Marks in 1st test 50 52 53

Bank reconcillation, how to reconcile bank statement

how to reconcile bank statement

Job costing order, note: Raw material costs 15 500 Direct Labor Costs: 14 7...

note: Raw material costs 15 500 Direct Labor Costs: 14 750 Overhead costs 11 800 plant Finished Goods 37 500 Raw materials are charged into an order that is still in the process

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd