User Account

All Pages

Derive the weight of cement inventory

Assignment Help Accounting Basics
Reference no: EM133198320

On December 31, 2021, Global Cement Inc., a cement wholesaler, conducted its annual year-end inventory count. Global Cement stores all of its cement in large storage silos (very tall cylinder-shaped metal bins). Global Cement's staff member Matthew French was assigned to help with the year-end cement inventory count. The weight of the cement (in kilograms) is estimated using a mathematical formula and the dimensions of the silo and the space taken up by cement inside the silo.

To figure out the space taken up by cement inside the silos, Matthew was supposed to climb on top of each silo and use a long measuring stick to find out the depth of cement inside each silo. Since it was cold and windy, Matthew didn't feel like climbing on top of the silos.

He simply guessed the depth of cement and gave his numbers to the company's controller, who used them and the mathematical formula to derive the weight of cement inventory on hand at year-end.

Required:

How should an auditor deal with the inventory count issues discussed above?

Reference no: EM133198320

Questions Cloud

Financial statements for the year : Your firm is the auditor of Zehra and Katty Co. The audited financial statements for the year ended December 31, 2019, show the company's revenue was $ 4.9 mill
Depositing all receipts and preparing bank reconciliation : Your firm is the auditor of Zehra and Katty Co. The audited financial statements for the year ended December 31, 2019, show the company's revenue was $ 4.9 mill
Create an email that follows your supervisor instructions : Create an email that follows your supervisor's instructions. Follow appropriate netiquette rules for electronic communication
The size of a company is not important what does matter : What does matter, whether it is a large corporation or a small business, is the capital structure - it always has and always will
Derive the weight of cement inventory : He simply guessed the depth of cement and gave his numbers to the company's controller, who used them and the mathematical formula to derive the weight of cemen
Explain every type of stakeholders : For this assignment, choose an organization in which you have experience with and compare and contrast how sustainability efforts affect their stakeholders
Why should the doctrine of stare decisis exist as law : BA 302 Upper Iowa University - Why should the doctrine of stare decisis exist as law? If a legal doctrine is wrong, should it not be overruled and replaced
Examine role of logistics in marketing channels and factors : Examine the role of logistics in marketing channels and factors that can make the task of logistics complex and expensive.
Specific aspect of animal welfare : Must Be on Animal Welfare, but needs to be on specific animal or region perhaps, or one specific aspect of animal welfare

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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