Client's Final Inventory (Excerpt): Complete below Test Price Test Results Item Description Auditor Notes Test Count (last purchased Proper Action Item# Results: Total price): select one): Audited Audit Item Description Quantity Price Inventory Total Difference Pioneer Baking Powder 6 oz. Boxes appear dusty, sales are noted as slow moving 115 $1.15 Select Action Pioneer Artichoke Hearts, 14 oz. 29 $1.25 $36.25 2 Pioneer Fine Granulated Sugar, 4-Ibs. 26 $2.25 Select Action Powder 115 $1.15 $132.25 3 Pioneer Bread Crumbs, Plain 12 oz. 21 $2.75 Select Action Pioneer Baking Soda 10 oz. 48 $2.45 $117.60 4 Pioneer Pound Cake Mix, 15 oz. Boxes appear dented, some damage 15 $1.55 Select Action Pioneer Balsamic Vinaigrette, 16 oz. 33 $3.89 $128.37 noted 5 Pioneer Baking Soda 10 oz. 48 $2.45 Select Action Pioneer Bread Crumbs, Plain 12 oz. 21 $2.75 $57.75 6 Pioneer Balsamic Vinaigrette, 16 oz. 33 $2.89 Select Action Pioneer Coffee, Breakfast Blend, 12 oz. 98 $4.89 $479.22 7 Pioneer Artichoke Hearts, 14 oz. 29 $1.25 Select Action Pioneer Fine Granulated Sugar, 4-lbs. 36 $2.75 $99.00 8 Pioneer Coffee, Breakfast Blend, 12 oz. 92 $4.89 Select Action Pioneer Pound Cake Mix, 15 oz. 15 $1.55 $23.25 nstructions: List of Possible Actions: You are involved with the audit of Luke's General Store and have been asked to consider the results for the test counts and price tests along with the auditor's A Exception with quantity in test count; calculate the difference and propose an adjustment. notes (above). Review the excerpt from the client's final inventory list (top right). B Exception with value in price test; calculate the difference and propose an adjustment. 1) For each audit test item above, select the proper action to be taken from the list of possible actions (at right) C Exception with quantity in test count and value in price test; calculate the difference and propose an adjustment 2) Calculate the Audited Totals for each inventory items and Audit Differences (if any) in the area to the right of the client's inventory D Not an exception, no further audit work is necessary 3) Propose the Adjusting Journal Entry for the audit difference total in the area provided (use Inventory and Cost of Goods Sold accounts) Follow up on valuation reduction for damaged or possible expired goods. Provide Journal Entry with Debit and Credit accounts, description and amounts below: Debit Credit