You are working as an Accountant for a new merchandiser established by Elon Scent on January 1, 2022. Mr. Scent is a very rich entrepeneur only interested in profits and making sure his new venture runs smoothly. His new merchandise company is called Tongass and they buy many items from vendors and then re-sell them for a profit online. The inventory is held for sale in big warehouses. Mr. Scent likes to implement technology everywhere and even has robots picking up items from the warehouse and putting them in boxes. Suffice to say he has invested millions in this new venture. Everytime a new inventory item comes in, it gets scanned by the system and put into the inventory system for accounting records. Everytime there is a sale, each item gets scanned by the system before it is placed on a box and shipped. As you may be aware, the company uses a Perpetural Inventory System maintained by robots scanning every item as soon as it enters or leaves the warehouse. At the end of each month, inventory is manually counted as well, and the manual count is compared to the systems. After 5 months in operation (it is now the beginning of June), the accountants meet with Mr. Scent to discuss inventory. It seems in all the past 5 months, the manual inventory count does not match the count provided by the system. In response to this news, Mr. Scent says, "That's an easy problem to fix. We'll just stop manually counting inventory at the end of each month. If there are differences between the system and what was counted, it must mean that the employees were counting wrong. After all, computers are never wrong. This is great news! We can use the time the employees were counting for more productive work." INSTRUCTIONS: Create a thread in which you write what you would say to Mr. Scent regarding this situation. Please be tactful and professional. Mr. Scent may not be the most professional and empathetic person, but you are. Make sure you answer the following questions: Why if there is a perpetual system where inventory is kept electronically, is manual counting still required? . What could be the reason for the differences between manual counting and the system's count? . What should be the procedure (accounting treatment) whenever there are differences between what was manually counted and what the Perpetual Records indicate? You are working as an Accountant for a new merchandiser established by Elon Scent on January 1, 2022. Mr. Scent is a very rich entrepeneur only interested in profits and making sure his new venture runs smoothly. His new merchandise company is called Tongass and they buy many items from vendors and then re-sell them for a profit online. The inventory is held for sale in big warehouses. Mr. Scent likes to implement technology everywhere and even has robots picking up items from the warehouse and putting them in boxes. Suffice to say he has invested millions in this new venture. Everytime a new inventory item comes in, it gets scanned by the system and put into the inventory system for accounting records. Everytime there is a sale, each item gets scanned by the system before it is placed on a box and shipped. As you may be aware, the company uses a Perpetural Inventory System maintained by robots scanning every item as soon as it enters or leaves the warehouse. At the end of each month, inventory is manually counted as well, and the manual count is compared to the systems. After 5 months in operation (it is now the beginning of June), the accountants meet with Mr. Scent to discuss inventory. It seems in all the past 5 months, the manual inventory count does not match the count provided by the system. In response to this news, Mr. Scent says, "That's an easy problem to fix. We'll just stop manually counting inventory at the end of each month. If there are differences between the system and what was counted, it must mean that the employees were counting wrong. After all, computers are never wrong. This is great news! We can use the time the employees were counting for more productive work." INSTRUCTIONS: Create a thread in which you write what you would say to Mr. Scent regarding this situation. Please be tactful and professional. Mr. Scent may not be the most professional and empathetic person, but you are. Make sure you answer the following questions: Why if there is a perpetual system where inventory is kept electronically, is manual counting still required? . What could be the reason for the differences between manual counting and the system's count? . What should be the procedure (accounting treatment) whenever there are differences between what was manually counted and what the Perpetual Records indicate