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PROBLEM 1 Stones Corporation is selling various products which are classified into three categories, depending on their values. The goods are currently stored in the
PROBLEM 1
Stones Corporation is selling various products which are classified into three categories, depending on their values. The goods are currently stored in the entity's warehouse located inside their premises. You were engaged to audit their financial statements as of and for the period ended December 31, 2018. An observation of physical inventory count was conducted on December 30, 2018, and based on the count, the following information were gathered:
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