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Farley Bains, an auditor with Nolls CPAs, is performing a review of Bramble Corp. ' s Inventory account. Bramble Corp. did not have a good
Farley Bains, an auditor with Nolls CPAs, is performing a review of Bramble Corp.s Inventory account. Bramble Corp. did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at yearend was $ However, the following information was not considered when determining that amount.
Prepare a schedule to determine the correct inventory amount. If an amount reduces the account balance then enter with a negative sign preceding the number, eg or parenthesis eg Enter if there is no effect.
Ending inventoryas reported
Included in the company's count were goods with a cost of $ that the company is holding on consignment. The goods belong to Nader Corporation.
The physical count did not include goods purchased by Bramble Corp. with a cost of $ that were shipped FOB shipping point on December and did not arrive at Bramble Corp.s warehouse until January
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