Discuss the relevant journal entries for the adjustment

Assignment Help Financial Accounting

Reference no: EM133492556

Scenario:

You are the bookkeeper for Kitchens R US and you have just received the details of the annual stocktake conducted by the warehouse manager Jane Simpson. Your stock card records indicate that there should be 22 cooktops, 15 ovens and 11 refrigerators. The stocktake reveals that there were 21 cooktops, 14 ovens and 11 refrigerators in the warehouse. The cost of the cooktops is $589, cost of the ovens is $799, the cost of the refrigerators is $1,749.

Script:

ask Jane 2 questions to determine the accuracy of the stocktake to give you comfort that the stocktake is correct
tell Jane how you will address the discrepancy between the stock cards records and the stocktake. Discuss the relevant journal entries for the adjustment to the value of inventory
tell Jane how stock must be valued according to AASB102

You will be assessed on the following:

greeting Jane appropriately and professionally
asking Jane questions about the accuracy of the stocktake
telling Jane how you will address the discrepancy, the relevant journal entries, and updating of inventory cards
telling Jane how stock must be valued according to AASB102
speaking professionally and courteously with all parties.

Reference no: EM133492556

Questions Cloud

Discuss at least two ways that k-12 school divisions : Discuss at least two ways that K-12 school divisions and institutions of higher learning are providing methods to address the social and emotional needs

How this plan will impact not only k-12 schools divisions : discuss your position on how this plan will impact not only K-12 schools divisions, but higher education institutions as well.

Calculate a businesss working capital : Calculate a businesss working capital. Also explain how to use each financial statement for the calculation. Give examples to support your claims

Explain how you would organize space, time, and materials : Explain how you would organize space, time, and materials/resources to maximize progress and promote social interaction amongst peers, parents, and caregivers.

Discuss the relevant journal entries for the adjustment : tell Jane how you will address the discrepancy between the stock cards records and the stocktake. Discuss the relevant journal entries for the adjustment

What time and day of the week was this show offered : What time and day of the week was this show offered? - What network or service was this show on? - How many episodes of this show were there, over what period

How would you respond to situation : an American call on the Euro with K=1.20$/€, 3 months till expiration is selling in the market for C=0.04$/€. How would you respond to this situation

What is your prediction of international trade environment : What is your prediction of the international trade environment in the next 10 years? Will it be freer or more protected?

Cost of goods sold, sale revenue and gross profit : Using LIFO, calculate ending inventory, cost of goods sold, sale revenue and gross profit - For the entire year, the company sells 450 units of inventory

User Account

All Pages