Valley Publishing Company Assignment 4 Audit case homework solution

C-1 VALLEY PUBLISHING COMPANY #131 - Newsprint Inventory 12/31/20x2 [Prepared by client] ITEM Newsprint - yellow: 34" 600 lbs each NUMBER OF ROLLS TOTAL TONS PER TON COST AMOUNT 90 27 $ 508 $ 13,716 Newsprint - pink: 17" 300 lbs each 60 9 $ 523 $ 4,707 Newsprint - glossy: 34" 600 lbs each 17" 300 lbs each 70 7 21 1 $ $ 565 565 $ $ 11,676 565 Newsprint - white: 34" 600 lbs each 17" 300 lbs each 777 313 233 47 $ $ 521 521 $ 121,393 $ 24,485 Total Inventory In transit - pink: 17" 300 lbs each 338 133 20 358 $ 177,542 $ 524 $ 10,480 $ 188,022 C-2 VALLEY PUBLISHING COMPANY RB #131 - Newsprint Inventory 12/31/20x2 Inventory Observation ITEM COUNTED [X] NUMBER OF ROLLS 12/31/x2 WEIGHT [X] TOTAL TONS Newsprint - white 34" Newsprint - white 17" 777 313 600 300 233 47 Newsprint - yellow 34" 90 600 27 Newsprint - glossy 34" Newsprint - glossy 17" 70 7 600 300 21 1 Newsprint - pink 17" 60 300 9 Actual manufacturers' weights are stamped on unopened rolls. NOTE: Inventory observed after press-run on Wednesday, December 31, 20x2 - 100% test count. INVENTORY CUT-OFF DATA: Last receiving information was dated December 15, 20x2, for 167 rolls of 17" white newsprint from National Newsprint Corporation. C-3 VALLEY PUBLISHING COMPANY #811 - Newsprint and Ink 12/31/20x2 DESCRIPTION TONS Books Beginning Inventory Purchases Available for sale Ending Inventory Inventory consumed and burned QUANTITY CONSUMED: FIRE LOSS: Total Consumed COMPUTED NEWSPRINT AND INK Adjusted Books DOLLARS Adjusted