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Rene Alvarez knew she was over her head soon after she took the job. Even so the opportunity for promotion comes along rarely and she believed that she would grow into it. Miss Alvarez is the cost accounting specialist assigned to the finishing department of Standard Tool Company. Bill Sawyer the manager of the finishing department knows exactly what he is doing. In each of the three years he has managed department the cost per unit of product transferred out of his Work in Process Inventory account has declined. His ability to control cost is highly valued and is widely believed that he will be the successor to the plant manager who is being promoted to manufacturing vice president. One more good year will surely seal the deal for Mr. Sawyer. It was little wonder that Ms. Alvarez was uncomfortable in challenging Mr. Sawyer's estimate of the percentage of completion of the department's ending inventory. He contended that the inventory was 60% complete but she believed that it was only about 40% complete.
Problem 1. Determine the equivalent cost per unit assuming that the ending inventory is considered to be 40 percent complete.
Problem 2. Determine the equivalent cost per unit assuming that the inventory is considered to be 60 percent complete.
Problem 3. Comment on Mr. Sawyer's Motives for establishing the percentage of completion at 60% rather than 40%.
Problem 4. Assuming that Ms. Alvarez is a certified management accountant, would informing the chief accountant of her dispute with Mr. Sawyer violate the confidentiality standards of ethical professional practice?
Problem 5. Did miss Alvarez violate any standards of ethical practice. If so which ones?
Problem 6. Discuss the components of the fraud triangle that affected Miss Alvarez's behavior.
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