Accounting: Auditing

Question 3 0.25 pts Given the following information about your audit client, perform analytical procedures (calculate inventory turnover rates) and answer the questions that follow 2015 2016 Industry Average Inventory $20,000 $32,000 $25,000 Cost of Sales $240,000 $320,000 $400,000 What is the industry average inventory turnover rate? Question 4 0.5 pts What are the implications from these analytical procedures? Inventory is overstated Inventory is understated There is a problem with the rights and obligations of inventory Inventory is fairly stated Given the following information about your audit client, perform analytical procedures (calculate inventory turnover rates) and answer the questions that follow 2015 2016 Industry Average Inventory $20,000 $32,000 $25,000 Cost of Sales $240,000 $320,000 $400,000 What is the inventory turnover rate for 2015? Question 2 0.25 pts Given the following information about your audit client, perform analytical procedures (calculate inventory turnover rates) and answer the questions that follow 2015 2016 Industry Average Inventory $20,000 $32,000 $25,000 Cost of Sales $240,000 $320,000 $400,000 What is the inventory turnover rate for 2016