Question
During the last accounting period, net sales were $180,000 and a closing physical inventory of $289,000 was counted. The retail book inventory was $291,000 for
During the last accounting period, net sales were $180,000 and a closing physical inventory of $289,000 was counted. The retail book inventory was $291,000 for the same period. What was the shortage/overage dollars and percentage (round your final % answer to two decimal places)?
| A. | $2,000 Shortage; 1.11% Shortage | |
| B. | $109,000 Overage; 37.46% Overage | |
| C. | $109,000 Shortage; 37.46% Shortage | |
| D. | $2,000 Overage; 1.11% Overage |
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Advanced Level Audit And Assurance Exam Room Notes 2017
Authors: ACA Simplified
1st Edition
1545501653, 978-1545501658
