Auditing And Assurance Services
Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
Question
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Chapter 19, Problem 29DQP

a.

To determine

State the criticism and concerns about audit procedures being performed while writing a memorandum to the in-charge of Company VM.

b.

To determine

Identify the variance and explain them. Also state the alternative explanation.

c.

To determine

State the variances that are of special significance to the audit and also the way they should be responded to in terms of additional audit procedures.

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Tatum Company has four products in its inventory. Information about ending inventory is as follows: Product Total Cost Total Net Realizable Value 101 $ 146,000 $ 113,000 102 108,000 123,000 103 73,000 63,000 104 43,000 63,000 Required: Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry.
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