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cost retail sales ( net amount charged to customer accounts) $375,000 discount( from list price) to senior citizens $15,000 sales allowance( account adjustments to please
| cost | retail | |
| sales ( net amount charged to customer accounts) | $375,000 | |
| discount( from list price) to senior citizens | $15,000 | |
| sales allowance( account adjustments to please unhappy customers) | $5,000 | |
| sales return | $10,000 | |
| purchases recorded gross | $250,000 | $500,000 |
| purchases returns | $25,000 | $40,000 |
| purchases discount taken ( gross method) | $11,000 | |
| freight in | $28,000 | |
| freight out | $43,000 | |
| markups | $26,000 | |
| markups cancellations | $10,000 | |
| marksdown | $14,000 | |
| marksdown cancellations | $5,000 | |
| inventory january 1, 2103 | $55,000 | $100,000 |
| a calculate the december 31,2013 inventory using the average method | ||
| conventional method retail calculation | ||
| IFRS simple average calculation | ||
| b) FIFO | ||
| C)LIFO | ||
| calculate the inventory value using the dollar value (infliation adjusted ) lifo method | ||
| assume the price level was 1 jan and 1.05 on dec 31, 2013 | ||
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Internal Auditing Assurance And Advisory Services
Authors: Kurt R. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Cris Riddle
3rd Edition
0894137409, 978-0894137402
