inventory, An audit of the accounting records of Loch Ness Ltd. for the year ending 30, Basic Statistics

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.

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages

inventory, Basic Statistics

Related Discussions:- inventory

Topic 4 Anova excel worksheet, systolic blood pressure in different age gr...

Example of selection a sample, Q. Example of Selection a Sample? Ans. ...

Cost of accounting, what are different method of classifying overhead? indi...

DATA EDITING, THE SIGNIFICANCE OF DATA EDITING

Standard price, Stock at hand 1000 unit at #0.80 each, received 2000 units ...

Quartile deviation, find quartile deviation from the student test marks of ...

Draw concerning the effectiveness of the medications, A testing organizatio...

CALCULATIONS, CALCULATIONS OF MEAN USING PHSTAT

Revenues , why are revenues an important number in financial statements?

Shamim, the monthly income( in tk''s)persons workingin afarmis as flows ,14...

Write Your Message!

Featured Services

Online Tutoring

Project Development

Exam Preparation

Course Help

Assignment Help

Popular Subjects

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT