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Inventory audits ensure that your company is keeping adequate inventory records. The objective of an annual inventory audit is to provide the dollar value of the inventory at the end of the year find missing inventory determine maximum inventory levels based on annual sales continuously count a sample inventory, solve problems, and correct errors

Inventory audits ensure that your company is keeping adequate inventory records. The objective of an annual inventory audit is to provide the dollar value of the inventory at the end of the year find missing inventory determine maximum inventory levels based on annual sales continuously count a sample inventory, solve problems, and correct errors

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Inventory audits ensure that your company is keeping adequate inventory records. The objective of an annual inventory audit is to provide the dollar value of the inventory at the end of the year find missing inventory determine maximum inventory levels based on annual sales continuously count a sample inventory, solve problems, and correct errors
Transcribed Image Text:Inventory audits ensure that your company is keeping adequate inventory records. The objective of an annual inventory audit is to provide the dollar value of the inventory at the end of the year find missing inventory determine maximum inventory levels based on annual sales continuously count a sample inventory, solve problems, and correct errors
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