: Which misstatement below is more difficult to detect? Explain. (i)The inventory costing $ 150,000 being ordered by customers before the year end was excluded from the ending inventory balance as they are set aside for delivery after year end. The ending balance of inventory as on the statement of financial position was $ 600,000. (ii) Inventory list shows 40 boxes of rice but only 38 boxes were found in the warehouse. (iii) The inventory has a cost of $600,000 and realizable value of $540,000 as the items are outdated. The ending balance of inventory as on the statement of financial position was $ 600,000.

income tax? Taking Inventory At the end of the last fiscal period, employees for Trans-Canada Distributors counted all merchandise on hand. However, a complete section of the warehouse was missed when the inventory was taken. The cost of the merchandise that was not included in the ending inventory figure was $7500. Questions 1. What effect has this error on the income statement and on the balance sheet this year? 2. If the error went undiscovered, would the net income in the second year be too high or too low? 3. Over the two-year period, what is the total error in the net income (assuming the second year's inventory is done correctly)? 4. Is the owner's equity total correct or incorrect in the second-year balance sheet? Explain your answer. ©P

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39.The Hong Yoo-chan Company counted its ending inventory on December 31. None of the following items were included when the total amount of the company’s ending inventory was computed: ∙ P150,000 in goods located in Alcala’s warehouse that are on consignment from another company.  ∙ P200,000 in goods that were sold by Alcala and shipped on December 30 and were in transit on December 31; the goods were received by the customer on January 2. Terms were FOB Destination.  ∙ P300,000 in goods were purchased by Alcala and shipped on December 30 and were in transit on December 31; the goods were received by Alcala on January 2. Terms were FOB shipping point.  ∙ P400,000 in goods were sold by Alcala and shipped on December 30 and were in transit on December 31; the goods were received by the customer on January 2. Terms were FOB shipping point.   The company’s reported inventory (before any corrections) was P2,000,000.   What is the correct amount of the company’s inventory on December 31?

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(i)The inventory costing $ 150,000 being ordered by customers before the year end was excluded from the ending inventory balance as they are set aside for delivery after year end. The ending balance of inventory as on the statement of financial position was $ 600,000. (ii) Inventory list shows 40 boxes of rice but only 38 boxes were found in the warehouse. (iii) The inventory has a cost of $600,000 and realizable value of $540,000 as the items are outdated. The ending balance of inventory as on the statement of financial position was $ 600,000. Q) For each misstatement above, explain which of the above assertions is violated. (Each assertion can only be used once.) Also, give the relevant audit objective the auditor should focus on when detecting the misstatement if the assertion is "Valuation and Allocation "

Your answer is incorrect. Inventory data for Shamrock Company are reported as follows: Date Explanation Number of Units Unit Cost Total Cost June 1 Beginning inventory 370 $5 $1,850 CL Purchase 570 6 3,420 23 Purchase 470 7 Assume a sale of 610 units occurred on June 15 for a selling price of $8 and a sale of 530 units on June 27 for $9. On June 30, 270 units remain in inventory. Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, eg. 5.271 and final answers to 2 decimal places, eg. 5,275.75.) Weighted Average Ending inventory $ 1,639.90 Cost of goods sold $ 6,924.80

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