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Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Question
Chapter 11B, Problem 3P
a.
To determine
Derive the account’s proper audited value for the given exceptions.
b.
To determine
Evaluate the sample’s results using the probability-proportional-to-size method based on the analysis from requirement a.
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The net realizable value of Lake Corporation's inventory has declined below its cost. Allyn Conan, the controller, wants to use the loss method to write down inventory because it more clearly discloses the decline in net realizable value and does not distort the cost of goods sold. His supervisor, Bill Ortiz, prefers the cost-of-goods-sold method to write down inventory because it does not call attention to the decline in net realizable value.
On the basis of the case above:
What, if any, are the ethical issues involved?
Is any stakeholder harmed if Bill Ortiz's preference is used?
What should Allyn Conan do?
Over applied is shown as negative number
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