c) In connection with your examination of the financial statements of St Lucy Mattress Company for the year ended 31 March 2013, you are reviewing the plans for a physical inventory count at the company's warehouse. The company assembles mattresses and other household items made with foam. The factory is next door and will continue to make products until 5o'clock on 31 March 2013. There is also a warehouse in Bridgetown to serve the city merchants. Required: (i) List the principal procedures which the auditors should carry out when planning attendance at a company's physical count (ii) Describe the procedures which St Lucy Mattress Co. should put in place to ensure that all inventory items are counted and that no item is counted twice.
c) In connection with your examination of the financial statements of St Lucy Mattress Company for the year ended 31 March 2013, you are reviewing the plans for a physical inventory count at the company's warehouse. The company assembles mattresses and other household items made with foam. The factory is next door and will continue to make products until 5o'clock on 31 March 2013. There is also a warehouse in Bridgetown to serve the city merchants. Required: (i) List the principal procedures which the auditors should carry out when planning attendance at a company's physical count (ii) Describe the procedures which St Lucy Mattress Co. should put in place to ensure that all inventory items are counted and that no item is counted twice.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
sjejej don't use ai
Transcribed Image Text:c) In connection with your examination of the financial statements of St Lucy Mattress Company
for the year ended 31 March 2013, you are reviewing the plans for a physical inventory count at
the company's warehouse. The company assembles mattresses and other household items
made with foam. The factory is next door and will continue to make products until 5o'clock on
31 March 2013. There is also a warehouse in Bridgetown to serve the city merchants.
Required:
(i) List the principal procedures which the auditors should carry out when planning attendance
at a company's physical count
(ii) Describe the procedures which St Lucy Mattress Co. should put in place to ensure that all
inventory items are counted and that no item is counted twice.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education