User Account

All Pages

inventory, Basic Statistics

Assignment Help:
An audit of the accounting records of Loch Ness Ltd. for the year ending 30 June 2012 discovered that the ending inventory balance was over-valued by $35,000. Upon further investigation, it was discovered that the ending inventory for the previous year was correctly counted and valued, but that the inventory balance as at 30 June 2010 was under-valued by $90,000.
The auditor, concerned at these errors, decides to carry out a thorough investigation (audit) as to the inventory values shown in the company’s financial statements during its six-year history. The following additional errors were detected:

(i) as at 30 June 2009, inventory was over-valued by $15,000

(ii) as at 30 June 2008, inventory was under-valued by $55,000

Required :

1. Determine the effects that these errors have had on the company’s profit figures in each year, beginning in the year ended 30 June 2008.

2. Determine the effect of the inventory errors on the company’s balance sheets over the total time period. Include in your answer the cumulative impact on the company’s retained profits/earnings.

Related Discussions:- inventory

Data for ogive graph, Data for ogive graph in sectors of indian economy

Data for ogive graph in sectors of indian economy

Medical stats, i want to see if my assignment can be done?

i want to see if my assignment can be done?

Example, solving problem in skewness and kurtosis?

solving problem in skewness and kurtosis?

Assignment, How much it will cost to get an assignment

How much it will cost to get an assignment

Median in discrete series, X

X

T accounts, if my income for the rest of the month was 2,500 and i recieved...

if my income for the rest of the month was 2,500 and i recieved 1,200 in cash balance on account where would i put this

Management accounting, The Rohr Company''s old equipment for making subasse...

The Rohr Company''s old equipment for making subassemblies is worn out. The company is considering two alternatives: a) Completely replacing the old equipment with new equipment

Define why equipment show up on a profit and loss statement, Define why Equ...

Define why Equipment show up on a profit and loss statement? The buy of devices that will be used in a business is not revealed on the revenue and reduction declaration. Howeve

Calculate the mean absolute percentage error, Littlefield Laboratories is a...

Littlefield Laboratories is a state-of-the-art highly automated blood samples testing lab. The demand of blood sample testing for the previous 20 days (day 1 to day 20) are given i

Probability, Mike sells on the average 15 newspapers per week (Monday – Fri...

Mike sells on the average 15 newspapers per week (Monday – Friday). Find the probability that 2.1 In a given week he will sell all the newspapers

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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