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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 correcttell 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 inventorytell Jane how stock must be valued according to AASB102
You will be assessed on the following:
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