9.63 Identifying Obsolete Inventory and Proposing Provisions For this exercise, your client, BrightlDEAs Inc., has provided you with a listing of inven- he end of the year. You have been assigned the task o cedures to identify unusual or potentially obsolete inventory items and propose a valuation allowance Required: 3 a. Import the client's database of inventory and reconcile it to the general ledger (pp. 19 202 of the IDEA Workbook) b. Use data extraction techniques to identify client-identified obsolete inventory items in 203- client d. Use your calculations from the above steps to estimate a provision for obsolete inventor the client's inventory listing or items showing negative amounts or quantities (Pp 206 of the IDEA Workbook). that may nonetheless be obsolete. (pp. 206-213 of the IDEA Workbook) (pp. 214-218 of the IDEA Workbook) c. Calculate inventory usage ratios to identify inventory items not flagged by the you consider the difference between what the client proposed and your prop vision to be a material difference? e. Do you consider Required Data available on Connect Inventory 2015.asc Applying IDEA to the Production Cycle-Elm Manufacturing Company xercises 9.64-9.67 require the application of IDEA in the production cycle audit n marizing client data and recalculating inventory balances using client records. cll Man ufacturing Company (ELM) is a small manu Illinois. You have access to ELM's ufacturer of backpacks located in RO riate tronic records on Connect, The appropat, the for these exercises are the Sales 2017 4th Q d Goods Production 2017-4th Q data s lles ata set, the Purc es 2017-3rd Q data set, the Inventory Count data set, the Tnding Inventory Balances 2017-3rd Q data set, the et, the Production Bill of Raw Materials dat hases 2017-4th Q data Soished and Ending I the Combined Materials and Supplies Vendor Price List data set. You will also require the 2017 ELM Production Cycle Supplementary Information document. Detailed information about ELM., instructions for accessing data sets, and a data directory for data sets ca be found on Connect. 9.63 Identifying Obsolete Inventory and Proposing Provisions For this exercise, your client, BrightlDEAs Inc., has provided you with a listing of inven- he end of the year. You have been assigned the task o cedures to identify unusual or potentially obsolete inventory items and propose a valuation allowance Required: 3 a. Import the client's database of inventory and reconcile it to the general ledger (pp. 19 202 of the IDEA Workbook) b. Use data extraction techniques to identify client-identified obsolete inventory items in 203- client d. Use your calculations from the above steps to estimate a provision for obsolete inventor the client's inventory listing or items showing negative amounts or quantities (Pp 206 of the IDEA Workbook). that may nonetheless be obsolete. (pp. 206-213 of the IDEA Workbook) (pp. 214-218 of the IDEA Workbook) c. Calculate inventory usage ratios to identify inventory items not flagged by the you consider the difference between what the client proposed and your prop vision to be a material difference? e. Do you consider Required Data available on Connect Inventory 2015.asc Applying IDEA to the Production Cycle-Elm Manufacturing Company xercises 9.64-9.67 require the application of IDEA in the production cycle audit n marizing client data and recalculating inventory balances using client records. cll Man ufacturing Company (ELM) is a small manu Illinois. You have access to ELM's ufacturer of backpacks located in RO riate tronic records on Connect, The appropat, the for these exercises are the Sales 2017 4th Q d Goods Production 2017-4th Q data s lles ata set, the Purc es 2017-3rd Q data set, the Inventory Count data set, the Tnding Inventory Balances 2017-3rd Q data set, the et, the Production Bill of Raw Materials dat hases 2017-4th Q data Soished and Ending I the Combined Materials and Supplies Vendor Price List data set. You will also require the 2017 ELM Production Cycle Supplementary Information document. Detailed information about ELM., instructions for accessing data sets, and a data directory for data sets ca be found on Connect
