State the evidence provided by verbal inquiry audit procedure in case of Company P.

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Chapter 8, Problem 26RC

To determine

State the evidence provided by verbal inquiry audit procedure in case of Company P.

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Skyline Products Ltd. had the following information for the month of April: • Sales $600,000 • Cost of goods available for sale = $1,000,000 The company consistently earns a gross profit rate of 30%.. Using the gross profit method, the estimated inventory at April 30 amounts to: a. $300,000 b. $400,000 c. $200,000 d. $700,000 Mountain view Apparel Co. has gathered the following information: Gross Sales: $60,000 Sales Discounts: $6,000 Beginning Inventory: $5,000 Net Purchases: $8,500 Ending Inventory: $6,000 Operating Expenses: $3,500. What is Mountain view Apparel Co.'s gross profit? Silverstone Industries had checks outstanding totalling $19,000 on its March bank reconciliation. In April, Silverstone Industries issued checks totalling $72,000. The April bank statement shows that $55,500 in checks cleared the bank in April. A check from one of Silverstone's customers in the amount of $350 was also returned marked "NSF." The amount of outstanding checks on Silverstone Industries' April…