Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 17, 2024

When performing an audit for the financial year ended 30 June 2021, the auditor calculated the inventory turnover ratio for some inventory items as below.

When performing an audit for the financial year ended 30 June 2021, the auditor calculated the inventory turnover ratio for some inventory items as below. Which of the inventory items might need additional impairment? Inventory Item 30 June 2021 30 June 2020 30 June 2019 Rubber Ducks 10.20 0.29 10.26 Fancy Trucks 0.37 0.36 0.36 Glittery Paper 10.36 10.36 0.37 Sticky Glue 0.30 0.25 0.24 A. Glittery paper B. None of the inventory items C. Rubber ducks D. Fancy trucks O E. Sticky glue

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

0130674842, 978-0130674845

More Books

Students also viewed these Accounting questions

Question

Use the large sample confidence interval formula to compute a (a) 95% lower bound confidence interval for ???? when ???? = 350 and ???? = 0.46. (b) 99% lower bound confidence interval for ???? when...

Answered: 1 week ago

Question

★★★★★

Assuming the data are normal, what is the probability the blade weights from this process will exceed 5.20? What is the probability that weights will be less than 4.80? What is the actual percent of...

Answered: 1 week ago

Question

★★★★★

Problem 16-3A (Part Level Submission) Seagren Industries Inc. manufactures in separate processes furniture for homes. In each process, materials are entered at the beginning, and conversion costs are...

Answered: 1 week ago

Question

★★★★★

how do you think advancements in technology and global supply chain management practices have influenced the effectiveness of such hedging strategies in recent years

Answered: 1 week ago

Question

★★★★★

Ralph Young was a commercial tour boat operator on the northern coast of Kauai, Hawaii. He was licensed by the state of Hawaii to operate his boat in Hanalei Bay. The U . S . Department of...

Answered: 1 week ago

Question

★★★★★

A stainless-steel bar is heat up to 1400K and cooldown to improve the hardness of the metal is removed from an furnace and cool down by immersing it in 15 kg of water at 27C. appropriate constant...

Answered: 1 week ago

Question

★★★★★

In the field of computer networking there is an imprecise relationship between the level of use of a network communication bandwidth and the latency experienced in peer-to-peer communication. Let X~...

Answered: 1 week ago

Question

★★★★★

Time Left: 09:2 Uncategorized i Question Type: MCQ Question No. 14. Mark/s: 4.00 | Negative Mark/s: 0.00 A manufacturing firm would like to develop an aggregate plan for the next quarter. Data...

Answered: 1 week ago

Question

★★★★★

What is the correct way to pass a vector through this method declaration in C++? Where would it go exactly and what is the syntax for it? Thank you! void MergeSort (SortBy sortBy);

Answered: 1 week ago

Previous Question Next Question