A staff member at Cedar Grove Medical Supply conducted the monthly inventory audit. The computerized system indicated a beginning balance of 850 units, with purchases of 420 units and departmental issues of 960 units during the period. However, the physical stock count revealed only 285 units remaining. At a cost of $35 per unit, what is the value of unaccounted inventory?

A staff member at Cedar Grove Medical Supply conducted the monthly inventory audit. The computerized system indicated a beginning balance of 850 units, with purchases of 420 units and departmental issues of 960 units during the period. However, the physical stock count revealed only 285 units remaining. At a cost of $35 per unit, what is the value of unaccounted inventory?

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle

Section: Chapter Questions

Problem 26RQSC

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Value of unaccounted inventory?
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