Question
Conduct a forensic analysis of inventory-related fraud at Walmart Inc. Using the following information: Beginning Inventory: $500,000 Purchases: $2,000,000 Ending Inventory: $600,000 Cost of Goods
Conduct a forensic analysis of inventory-related fraud at Walmart Inc. Using the following information:
- Beginning Inventory: $500,000
- Purchases: $2,000,000
- Ending Inventory: $600,000
- Cost of Goods Sold: $1,800,000
- Gross Profit: $1,200,000
Identify any potential inventory misstatements or irregularities and calculate the inventory turnover ratio.
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Auditing and Assurance services an integrated approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
16th edition
978-0134065823
