Reference no: EM132773841
Question - You were assigned to audit the inventories of Rager Inc. in relation to your audit firm's audit of the company's financial statements as of and for the period ended December 31, 2018: Since internal control over inventories were good, your audit manager simply asked you to render analytical procedure to test the reasonableness of the inventory balance. The following information were made available by Rager Inc.'s accountant:
COST
Beginning inventory $1,020,000
Purchases $13,072,500
Freight in $300,000
Purchase return $450,000
Purchase allowance $270,000
Departmental transfer debit $300,000
Departmental transfer credit $600,000
Net markup -
Net markdown -
Sales -
Sales returns and allowances -
Sales discounts -
Employee discount -
Normal Spoilage and Breakages $120,000
Abnormal Spoilages and Breakages -
RETAIL
Beginning inventory $1,920,000
Purchases $22,155,000
Freight in -
Purchase return $750,000
Purchase allowance -
Departmental transfer debit $425,000
Departmental transfer credit $1,200,000
Net markup $450,000
Net markdown $1,425,000
Sales $19,800,000
Sales returns and allowances $450,000
Sales discounts $500,000
Employee discount $300,000
Normal Spoilage and Breakages $600,000
Abnormal Spoilages and Breakages $200,000
The company reported inventories at $400,000 as a result of its physical count on December 31, 2018, what is the amount of estimated ending inventory shortage/overage as a result of your audit procedures?
Cloud migration and data security as key indicator
: Try to find a quantitative, a qualitative and a mixed-method dissertation that may be closely related to Cloud migration and data security as key indicator
|
Compute the company break-even point in number of lanterns
: Krait Products sells camping equipment. Compute the company's break-even point in number of lanterns and in total sales dollars.
|
Qualitative and mixed-method dissertation
: Try to find a quantitative, a qualitative and a mixed-method dissertation that may be closely related to Cloud migration and data security as key indicator
|
How much net proceeds will westside market receive
: Westside Market is offering 60,000 shares, How much net proceeds will Westside Market receive from this stock offering assuming the issue is completely sold?
|
What is the amount of estimated ending inventory
: The company reported inventories at $400,000 as a result of its physical count on December 31, 2018, what is the amount of estimated ending inventory
|
Map relationships contained within the system
: Once you have mapped this system, you will map relationships contained within the system.
|
What are dialectic and appreciative inquiry
: What are dialectic and appreciative inquiry, action research and action learning?
|
Determine the net business income for accounting purpose
: Determine the 2018 Net Business Income for Accounting Purposes based the company's Net Business Income for Taxation Purposes.
|
Prepare journal entries for the foreign currency
: Prepare journal entries for the foreign currency forward contract, foreign currency firm commitment, and export sale
|