2014 05 PRTC AUDP LECS AP.1601 Audit of Inventories

7/25/2019 2014 05 PRTC AUDP LECS AP.1601 Audit of Inventories

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Excel Professional Servi es, I .Management Fir of P o essional Rev ew a d Train ng Ce er ( RTC)

Luz n M il 7339 44/7 3 C l m , Laqun (049 5(Vi ya ) B o d y 034) 3 621 * Ceb C ty 032) 25 7900 l . 8Minda o)C ay De Or C ( 8 9 73 a t 0 225 9 Since

AUD TING PROBLEMS CPA REVIEW. OCA O/CABA E AY 2014A .160 1-Audit of nve tor es

The Use of Ass rtion i Ol a n g Aud t Ev de c

Asser ions about cla of t an a n nd v n hp d nd a d : (COC )

Complete ss all tra sac io s a d ev ts a s ou dhave ee recorded have bee cord d.

O c r nce - tra sactio s and ev ts that av beeeco d d have o cu red a d p r a n to th tity

ss fiJtio a sa o s and even s ave eenrecord d th prope a co nts

Accu a o nts and othe da a ela ng o reco detransactio s a d events h v bee o d d ap p at ly

utoff transactio s and eve s hav bee r cord d heo re t acco nt g p od

s t n a o cc unt al nc at h d nd:(RECV)R ghts and ob o s- t e e y hold o o tro he

gh s to assets, a d a ilities a e the o ligat o s o hen ty

2 ste ce assets, lia l t s and eq i y in erests x st.

Com et ss a l ass ts l a l s a d e uity i tereststha h d hav e co d d hav en cord d

V< a o a d allo at on ass ts, liab it s and uityin r sts a e ded in the fina ia state s atapp op ia e ou s and a y es ti g val a io ora oc tion dj s m ts ar a prop iately reco d d

n n n nd d (COC

omplet n ss - ll di los e t at s ou d hav beeluded the a ial sta ts hav been i luded

c u e e. DP tsa d ob o s disclosed vents1tra sac o s and o her atte s have o u r d a d pe a

o t e t ty.

lass fication a d derst d b lit fi anc al nforma ons appropr a e y p esen d a d desc bed and disclosures

a l y pr ssed

cur c and va ua on - f na al a d ot in o mat oar d sclos d fa>r y and a appro riate amo ts

IN RNAL C N R MEASURES

1 Author ty and espo s bil y c ntrol g theinv tori s shou d be c tral zed anagem a d o perso

2 Th re s ould be ca ef se ec o o i v to ype so el a d in e sive rai ng o s ch p so npo es ob ec ives a d system o nven ory control

3 Adequ te physi al fac liti s fo ha dl g and storage oi ve o y shold b prov ded

4 A e uate system o proced s fo s and por sr lat d o manageme t of nv to s s o ld ed veloped and i p ment d

5. Quant tat ve ontrols rough perpe a ventor ords; ook ua ities ve ified wi h physica o tsat l ast o a y ar and diff e s b g investiga edp o ptly ad usted and re o ed to h gh a tho tysho d p e e ted

6 D iv r s of ma e i ls, nished s o a d me hand sesho ld e ad nly upo sp fic authori at ons

a a g t aut ori ed ve s

7 S o - ov g o so a d damag d sto k shou d beide t d a d rep r ed follo i g p riodic rev ws of

hys cal and b k eco rd y ualif e mpl yee .Val atio on h as s of app oved cost- ar ow

me hods sho d be reviewed8 afeg ards aga nst tha a tio of the e men and

inac uracies o di g re ipts and iss es sho ld eadopted. E a p e Ma taining ade uat i sur cecov age.

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EXC ROF SSION L SERV C S, C

SUBSTANTIVE AUDIT OF IN ENTORIES

Inventory Balanc s

Ex ence: Re o ded inve to y e st

1 Before he clien akes e phys1 a nvent ry, rev ewa approve he cl en 's wr e p a for ak g .

2 Observe he en pers nne phys ca y ngnv .

3. Co f rm ven r es on co s g men a he n p b icwa h u e .

Complete ess A nvento of the ent ty re o ded

4 Ob a a c py f pr n mbere ven ags se byhe en n ak ng nven ry an e nc e he ags he s ng.

5 F r se ec e ems a fr m ags s ng6 Perfo m c off p oce es Ob a n e rece v g ep

n mber for he as sh pme rece ve p r o yeaen an e erm ne ha e em s e n

ven o y. A s en fyhe as sh pp ng c ean e er ne base sh pp g erms, he he he

m was pr per y r orde n sa s r nve y7. Perform analy a pr ce res

R ghts and obl at on : I vento y wned by the ent t

8 De e m ne ha ns gne nve y has bee ex efr m nv n o an ha nve ry e ge has be npr per y sc se Exa ne onf rma ns romf nanc a s o s an read m n es f he b a f

rec ors mee ngs

Valuation and all cati n ec rded n ent ry i al ed inaccordance w th GAAP

9 ons er ng e me h he e ses f r ven o yva a on exam ne v ces f r Inven ry on a r

a e pr or year's ven s ng ver fy c s10 or se e e ems e erm ne e ea zab e va e

(NRV) of he nven ry a app y he wer f c s rR .

11 er fy c mp a ns n nven ry s g12 Rev ew he bs esce ce f he ven ry by:

a. be g a e wh e bse vg nve ry be ng akenf r amage s w-m v ng or scrap ven ryb. Scann ng e pe a recor s for s ow-m v ng emsa sc ss ng he r va a w h c en .

Pre entat n and di clo re n ent y cla i ed a dd clo ed n accordance w th AAP

1 De erm edisclosed nw h GAAP.

whe her acc n s are c ass e anhe f na c a s a emen s n acc r ance

Pu chases

omp etene Pu hase hat u ed e e o ded

Trace a seq ence ece v ng rep s en r es n hev c e reg s e . Tes A n fo a s q ence f

e es n he vo c er eg s er

O c rren e ec ded p rcha e a e for tem that we eacq red

xam ne n er y ng men f r a hen c y anreaso ab e ess. ca vo cher reg s e for arge o

n s al ems ce ven ry p hase pe pe are r s can v cher reg s er or d p ca e aymen s.

a i cat nPurcha e t an a t o s have been e o ded nthe p ope ount

r a samp e en r es n he p rchases jo na ver fy hea a y f a o n c ng.

u (V luat on): Pu ha e e e o ded t p opem n

e mp e nv es an ompa e nv ce pr e r haser er.

d ti n

C mpletene A p d ct on t an act n that cc reda e rec rded

A n r a seq e e f r pr c n ep s

O u en e Re o ded p odu Uon t ansa t on o u ed

r sele e ra sa o s exa ne s gne ma er a sreq s s appr ve abor cke s an a oca n of

verheaa i atio odu t on t an a t on ha e b e en e o ded

in the p ope ac o nt

o a samp e f en r es, ver fy he acc acy f accoc g.

Ac racy ( al at o ) r d t n tran a t n aree o ded at p ope am unt

Tes os ec r s by ra ng o n e y ng o men s s chas b o ma er a s ab r ke s a h r e abor ra esan s a ar overhea ra es Rev ew va ances

- en d -

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l v- " ; ( M"'9 fv "- Y 9 X L R F L RV ' - A \

QUESTIONS. P O LEM O 1\ 1 i < V l ' l Cf e* ) Yo were e e by Quezon C p o the a d t Based on t e ab ve an the esu of y ur a d t term ne

f h m y' f a al sta ements or e year e e the fo ow ng:December 31, 14 T om ny Se gag n heAr f th D b 4 b k 2 a e e ye e e e e e ,who esa e us1ness an a es a sa a ve s a O 4The fol w ng we e gathe d from he c et' c u t n g

b

_c

re rds v h s s fo the ea nd d December , URCHASES

ateB l ce

SALESR L

forwa d d 5 2

D teBa n

f wa rded

mountA3 . P2 7 ,

b _ v o y e e mb r i4

a 4 . e . No2 96

b O 44 0De N28 966 1

057No

2 1

6A co n s ce vab e as of D ember1 14a. .

No2 96

e29

RR b 1 ,

e . o3 96 46

D RR61

245 .

7 0 ,0 00 A p y b e De e be , 4

4 , O 4

DeDe

C os ngy

6

6,

5 30 000

N t : = S s In v e

I ve yA coun s e vabA u \S p y b e

e R o1 62 2De RR3 6 6

iy (1,000.000)

!_ -RR = Re e ving epo

c1

6

Y u b e ve he hy v tory of oo s n ew rehouse on D mb 1 and we s war rly taken

Whe r ming a es and p r ases cu -o es s youthat a De e be , he ast R e ng Repo

wh h h be se w N 1 d ha n s m n shad been a e n y e

e o You s b a e w io n :

a) In ude he wareho se phys al inven ry atD ember were wh b e pu h sed

nd ve n ec ving Rep N .1 6 bwh ch the nv e was not e e ve the wyea C s was ,

b n t he eve De ember he e we e two h mpa y si ing

T C 1 w s n aded n an a y oh olow ng yea an r ce ved on ece ving

Re r 1 . The f e g t was pa dby thevend .

+ r k No IL 14 was oad d an s aled nDe ember but eave he o pany p e is sJa uar y h s order was so d or p rSal s nvo N . l i /- _ .:

-, ' r" . ?c;

c em o a i y strande a e e b a the o dw re w ve y enro t to Br o s

Trad ng o po a on k e e1ve h go swh h were n Sa es nv e No. e s FODesti a on, h next day.

b 4,

v LEM O 2Du ng yo a d o he Ma at Co pora n r the y aended Dece ber 4 y f nd e w

e o e ain inven ry ransact ns fromyou bse va n he e hy a e

a e a d pu ha u o f:Goo s os ng 1 , w mv

n Ja a y he goo s w re no nc dee p ys ca oun h re a e nv e was ec e vd

or on Decembe 4 h goods wers ppe on

Dembe 14

eB hipp ng

p i t

b oo s st ng s o weresh ppe o em e and were r eiv d by

he us o e n J y he terms o t env e were O sh pp ng po nt T e gow

e ithe nd g nvent y f r an the salew 2 1

he vo e for goo t wa rece vedan ecorded as a p hase on De e be 1 4

he te h pe B a w eec v d n an a y b we e n ude he

phys a nvento y as g o s ans t ",) 'A sh pment f goo s cus me onDecember e ms F B des ination wasreco ded as sa e sh pm nt he g ods os ng 4 an del ve e o th cu tomer on Jan ary

e e no include in the end ng n ento

e G ds va ed a a e ons ig e f mven o These g s L e he yInven y.

oods v l ed a are on o s g m w h u t e . hese goo s a e ot e h

p ysi alin nt ry

QUESTIONS: o e b e he es t your a it, weth fol ow ng

d) Enro e he e e embe was a t ck oad( The nventory as of Dec mb nd rstatedf goods , whi wa c ve n e e vRe No v byThe were sh e OB Des ination anre ghto w a by he c n How ver,e

fre gh was d du ted from pu ase ce of BO OOO

.b

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EXC L ROF SSION L S RV C S INC

Th cost of sales for2014 is o erstated bya. P290,000b. P

the year ended De ember 1

c P440 000d P380 000

The p ofit for themisstated y

year ended Dece ber 31, 014 is

a P1 0 000 over

b P 10 000 overThe work g ca itam sstated bya P190,000 o erb P 10,000 o er

S UT GUI

c 140 000 der

d P290 000 un eas o December 1 201 IS

c. P140,000 nderd P290,000 u der

Over Und r

e ) Thro g th re ssn ss of threc eiving d epar ment sh ipment inearly December 2014 was damagedby ain This shipment was ater so di the last week o D embe at cost

R Q RED

150 000

1 oss profi rate or 11 months ended November 0,2014 2 -2 Cost of goods sold during t e month of D ember

2014 us ng the gross prof t met od l " 3 Dec mber 1 2014 n entory using the gross p of t

method. /1 7 ) b

SOLUTI N GUIDE:

Requirem nt No 1Sales up to 1 / 0Less COS up to 1/30:

In entory 1/1Net p ha , 1/ 0T AS

nvento y 11/30G oss profit

00JLD" .L{

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EXCEL ROFESSI N L SE VICES, C- > !(

M NO 4 : QUESTIONS On pril 2 20 4, 2 g d the offic d Ba edo the abo e and h e l of your ud , a erwarehouse o M ntinlup Co mp ny . he ly he l owi g:accou ti g record sa ed was the general edger, ro ow m ch t dj d b c o Accowh ch the tria alanceb ow w p pa d. / o p 2 , 2014

M in upa Co pa yal Ba a ce

a P2 6,000 c P 37 000

b P106 000 d P343 000arch 3 , 20 4B!'

p 80 000

w much is he ne p rchases for he pe d JCREDIT o Apri2 20 4?

CaAcco s rece ableI ent ry De .3 20 3La dBuild ng

00 0007 0 0003 0 000

1, 00 000

a P6 0 00 c P660 000b P ,500 d 8 000

;. ow m ch is the adjus edecei ablea of Ap l2 , 0 4

a P400 000b 440 000

bala ce o Acco s

c P360 000d P3 4,000

Ac dep ec a i nOther assets 6 000

P ,000 u / H w m ch s e sa es the pe iod Janua y1 oApri21 1 ?7 000

0 000

a. P ,430 000 c P , 0 000b. P1 5 9 500 d P1 506 000Acco pa b e

Accrued e pensesSha e cap talPlOD arRe a ed ear i gs

ales

1,000 000 L ow muc is e cost o o he periodJ0 000 / April2 , 20 4' 7 6 00 c P 30, 00,3 0 000 b P83 7 5 d. 2 300

Purcha eOpe ati g expe sesTotals

,3 4 000

3 700 Q

T ef lowing data and i for ation have been gathe ed compa De mb 3

b A e am nati n th' e Apr lo s a e e ndca e ed c ecks evealed at c ecks wri en d r ngthe peri d Ap l totale P 30 000: P 7,000

4 paid to accou ts payab e as o ar h P 000fAp i me cha d se purchases andP39 000 paid ro expenses eposits d r g the sa e periodamo ted toP 29 00 whichc ss ed of ec ip s oaccou t rom st me s wi he excep ion o a9 00

efu d om a vend r fo e chand se re ed iAp ilCo e po de c w pp v d p d

ob g o April 21 of 06 000 or Aprilme cha dise p chases incl di g3 000

c

shipme ts i tra s t tha da eMv 'd o e aknowedg d inde tedness 360 000 at

Apri 2 t was a s es i a e cus e s owed* o 0 000 that w ll eve e ackn wledgedo

o e ed f the ack owledged d b d P6,00will robably be e ib e !/

e e ceompa y ag eed a he firel ssho d be based o e a mp o ove a

o p o a oor the past w years was e ectdurin h urr n yearTh m s d d

a c al s teme ts discl sed he f l w go m o :

Net sa ese purchasesBeg n i ent y

E d ng nvent yI ve o a cost

o dfor P 000. heto t al lo s s .

201300 000

2 00,00000 000

7 0,000

01P3 900 000

2,350,000660,00000,000

o 70 000 as sa vaged a dalance o he nv n or w

.;

{' u- " !_n! _;, Y' ( ' .-

w much s he e mated ve toryo Apr l ,f 20 4P 70 000 c P62 00

b P 7, d 79 00

\0 ow c i ee m ed ven o y F e lo s?a P 79 00 c P 000. P477 000 d 5 000

fLEMNO 5 ( Jl c ,You are e gaged the regular an al exai a ion of theacc ts a d record V l nz M n f t ring Co,for the year e dedD c mb 31 014l duc e ewo o da y ar nd the compa y upo your

om d o , ook r s a nua phy ica i ve o y oo embe 30 014 Yo ob v d e a g

i ventory d d o e en ocou an t ei e to y records.

co pa y s in e t y a c u t which ic!udes awma e a s an w rk- n-p cess is n perpet al

e t r es are valueda cos f rst n, first ut methhe e i no fi ishe g ds inven ry

The omp physical e t ry evealed that t e boi ve ory oP ,69 ,960 wa u derstated byP 4 000 oavo d delay comp eti g mo a

comp y d c d d o o adj book ve - e d except o obso ete i ve toryem

Y ur ex ina i disclosed the llowi inf rmrega d g the Nove be30 nven o y

. r ci tests sh wed ha the physica venve e by P61,600.

b A unders ateme o hephys cal inve t ry y4 200due o er ors f oo ings a d e te sions.D c bo c d di e ve o amo edP2 0 000. ve head was cl ded at the rate f200%of d e abo . Yoa asce ained a t e am to d c abo aco rec a d that the e head ra ewa proper

d. phys cal i ven y i l ded obso ete a erialsw ha o co t of 7,000 D Dec mbe e b o

e swe e e off ya ge o o of al .

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XCEL ROFESSION S V S, NYou aud t also d sclosed e fo low ng n ormat o about( 4.the ecember 1 invento :a Total debits to the fo lowing accounts d ing ecember

wereCost of salesDi e t laboPu hases

P1,920,800338,800691,600

b e ost of sales of P1,9 0,800 n l ded di ect labo ofP386 400.

Q T :Based onthe abo e and the esult of your aud t, determ ne5the fol owing

r djusted amount of physi al nvento y at Novembe 30a. P1,715 560 . P ,845,7 06 P1,631,560 d P ,7 5 0

usted amount of in ento y at Decembe 1a P1, 09,760 . P1, 02 760b. P1,516 760 d P1,4 5,760

b3. M st of mate ials on hand, and mate als in luded inU/ work n pro ess as of De embe 1a P819,560 P728,5 0b P81 5 0 d P9 ,7 0

l4 . h amount o direc a or ncluded in wo k n p o esst/ as of De em er 31 6 .

a P 18,8 0 P338 00b P23 ,400 d P 86,400

s amount of facto y overhead/ broc ss as of e embe 31

a P 77 ,800b P1, 3 ,600+

ncluded n wo k n

P46 800d. P777;600

A lie maintains pe petual nvento y records n quant ties and pesos f the assessed level of cont olr sk is h gh an auditor will probab ya App y g oss p ofit tests to asce tain the

easonableness of the p ysi al countsb Inc ease the exten of tests of cont ols re evant to

the in entory cy e Request the l ent to sc edule the physical

. < invento y ount at the e d of t e yead Insist that the lient per o m physi al counts of

nventory tems se e a t mes du ing t e yea

he phys cal ount o i ventory of a reta le was than shown b he erpetua ecords Whi h of thfollow ng could e pla n the d ffe en e?a In ento y item has been co nted but the tags

p a ed on the tems had not been taken off t eitems and added to the n en o y ac umu ation

sheetsb. edit memos or severa items etu ned by

custome s had not been reco ded- Vl > 'i :c . o jou nal ent y had been made o the eta le 's

books o several i ems eturned to its supplie sd An item u hased "FO shipping point had not

a r ved at the date of the in entory count a d hadnot been refle ed in the pe petual eco ds

Purchase ut off procedu es sho d be designed to testwhether a l in ento y< Pu hased and eceived befo e yea end was pa dfob. Orde ed before yea -end was e e ed

. Pu hased and ece ved before year-end wasreco ded

d . wned by the company is in t e possession o(the

compan y at year-e nd.PROBLEM NO6

elect the best answer for ea h of the fo low ng

\ / Wh ch of the following is not one of the nd pendentauditor s o e ives rega di the audit o invento es?a Ver fying that nvento y ounted is owne by t e. lient

C0 e audit of year end invento es shou d n lude stepsto ve fy t at the client's pu hases and sales cutof swe e adeq ate These aud t steps should be des gnedto detect whether me chandse ncluded in the physi al

o nt at yea end was not e o dedas a

Ve ifying that the ient has used p oper in ento ypri ing

a a ein the subsequent pe odJ. Pur hase in he cu ent pe od5 Sale n the cu ent pe iodPu hase n the subsequent per od

c. Ascer ain ng the p s cal quantities of invento y on and 8 What fo m of analyti al re iew might unco e t

d. Ver fy ng t at a invento y owned by the client s existence of obsolete me chandise/

d at the t me of t coun . ) n ento y tu nove rates . ; " , > _ De rease n the atio of oss p of t to salesC An aud tor is most likely to inspe t oanag m nts c. Rat o of nvento y to ac ounts payab e.un der w ch a e nt ty's inve nto rie s a e pl g d to < o pa ison of nvento y alues to purchases up po rt ma a ge m en t's finan cia l sta te me nt as se rt on of _ i vo sa Existen e o oc u ence.6 Completeness

P ese tat on and disclosure.' Valuat on or a o ationAn audito selec ed tems fo test co nts whileobser ing a l ent s physi al in entory T e audito

e ac d et st c u ts t thec t s ven ory

An aud to is ost_jik J to lea n of s owmov gnvento y through

a Inqu ry of sales personnel: Inqu y of warehouse pe sonnePhysical obse ation of inventoryd. Re iew of pe petual nvento y e o ds

listing T is ro edu e most l ke y obta nede idence 0 T e aud to tests t e q ant ty f materia s cha ged con e ning wo k in process by t a g these uant t es tostence ights a ost ledg s

omplete ess Valuat on j erpetual n nto y re ords< _ lmp e e v ng epor s. >- " I = s d.Mate ial equ sitions ) now dothe DIYdri su" "1S


7/9

'

EXC L ROFE ION L V C , NC

DO-IT YOURSELF (D Y) DR LPROBLEM N 1

ay Roy Retai g Ltd is a ood w o esa e t a uppl e i de e de t g ocery to enven o yy tem w he f r t-f s m thod ed to a s gn osts o ve ory ite s. and ot r

r lated or a ion rega d ng two of t e ems (baked b a s a d pla l u ) carr dune 2014 he as ont of t e compa y's repo ti g period.

Un of a g ngI v n y@ Ju 20

urc a e

ur ase t r sJune sale

et r s and a lowance

P y a c una 0 ne2014Expl n nof varia e

N t rea zab e value a 30ne 2014

QU STONS:

Baked ea sCase o a g 2 x 4 0g ca,000 case @ 1 .60 0J e 20 000 ase @ P9 50 per

case

2 9 Ju :4 00 ase @ 9 70 pca e2/ 0 /30, OB desti at on7 000 cases@ P28 0A cus ome ret r ed 5 000 ca e hat adb en ship ed er . ec st mer'sacc n wa cr d ed f r P , 00

32 600 cases o a dNo e ana o fo d assumed tole

2900 pe case

P a nfl uBox c ta n ng 12 4 g bag62,500 boxe @ 8 0

3 J e: 000 box s@ 385 une 20 000 box s@ P38. 5

3 9 u e 4 000 bo es@ P39 00n 0 FOB dest nation9 000 b @ As un purc ase wa loaded 1 0box s w di ov red da aged

P38,450 w s ce ved yJay ya ling td

00 boxe o andBoxe r ha d on 29 ne so 30 Jun8 0 per box

Ba d o t e above and he result of yo r aud a swert e ol ow g

Th follow ng me f t e transac o hat he inve ory o e Boli ao Co pany d ri

Ja 8 na u ha ed ra ma a sw h a ip c f P 00 000nd was g v a tradi c of 20% and 0%;erm 2/1 n/3B ln o va es ve ory a he n t voprice

T nv tory ofbakedo t as adju ted is

a. P 41 860! P642 220T inve tory placo t a ad u ted ia 4, 7b 99 ,6 5

beans as of 0 201 a 64 , 0

d. 6 60fl ra u 0 20 at

_ P57,67d 5 72

"3. The a ou of ven o y o tage isa 2 440 6 5600

Feb Bo nao re sessed an ve o y aus omer who was overdu in payme T e npaid bala on t

15 200 e repos e ed erc atbe ef n hed and p a ed on aexpe ted that e item a be sold foaf r e t mat d re inis g co

h n rmalpr t or t i te i con

" ? P 7 80 de total i v tory be recogn d he ba ance

s e as o J ne 30, 2014 is- : cd p 699 5,62 ,970

Wh o ol wing i be ocedde t fyin ho tage o spec fic te s n inve tory

raw mater aa Co pa the e l s f aphy al nv t ry o aw

aterial wi perpetual inven o y re ords Compa e inv to y tur over ate w t p e a i grate rom prev o ye s

c E ti ates i ven ory quan es by si g he g opr me d

_ R view i ernal o t ols o the p ysical p otec onof inve t r s.

be P3,200

Mar f h g cos 6 00 weret e ep sses ed ite

Apr T rep ssed i wa res ld

on acco nt 20 dowA g 0A sale o a ount wa ade o f ihat ave a listpr ce of P 9 200 a d a

P38 40 A eductio of Sf t e l sp wa granted a a trade allow

ade i em to be pri ed o se. e o al profont is ype o ve

IS2 % o the ales price

B s d n ab v nd h e t f y ur a d ae w ng:(Assume th c i nt ing p rp tual

ROB M NO 2 / . i v ory y )\l 1

2014 05 PRTC AUDP LECS AP.1601 Audit of Inventories

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