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Audit Asuncion

1. The document shows inventory and cost of sales amounts for companies A through F, totaling an inventory overage of $140,000 and cost of sales underage of $290,000. 2. For a company, sales up to November 30 were $12.6 million with a gross profit of $2.52 million. Inventory and net purchase amounts were adjusted for companies A through D. 3. Additional financial information is provided for the company's December sales, costs, and estimated ending inventory.

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Alarich Catayoc
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275 views3 pages

Audit Asuncion

1. The document shows inventory and cost of sales amounts for companies A through F, totaling an inventory overage of $140,000 and cost of sales underage of $290,000. 2. For a company, sales up to November 30 were $12.6 million with a gross profit of $2.52 million. Inventory and net purchase amounts were adjusted for companies A through D. 3. Additional financial information is provided for the company's December sales, costs, and estimated ending inventory.

Uploaded by

Alarich Catayoc
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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PROBLEM 2

OVER (UNDER)
INVENTORY COS

A (180,000.00) 180,000.00
B 200,000.00 (200,000.00)
C 150,000.00 -
D (400,000.00) 400,000.00
E 250,000.00 (250,000.00)
F (160,000.00) 160,000.00
TOTALS (140,000.00) 290,000.00

PROBLEM 3

REQUIREMENT 1

SALES UP TO 11/30 12,600,000.00


LESS COS UP TP 11/30
INVENTORY 1,312,500.00
NET PURCHASES 10,110,000.00
TOTAL GOODS AVAILABLE FOR SALE 11,422,500.00
INVENTORY (1,342,000.00) 10,080,000.00
GROSS PROFIT 2,520,000.00
INVENTORY NP 11 MOS
UNADJUSTED 1,425,000.00 10,125,000.00
A - 112,500.00
B - (15,000.00)
C - (30,000.00)
D (82,500.00) (82,500.00)
E - -
ADJUSTED 1,342,500.00 10,110,000.00

REQUIREMENT NUMBER 2

SALES UP TO 12/31 14,400,000.00


LESS SALES 11/30 12,600,000.00
SALES -DECEMBER 1,800,000.00
SALES WITHOUT PROFIT (150,000.00)
SALES WITH PROFIT 1,650,000.00
* COST RATIO 0.80
COS WITH PROFIT 1,320,000.00
COS WITHOUT PROFIT 150,000.00
TOTAL 1,470,000.00

REQUIREMENT NUMBER 3

INVENTORY 1/1 1,312,500.00


NET PURCHASES 12/31 11,947,500.00
TGAS 13,260,000.00
LESS COS
WITH PROFIT 11,400,000.00
WITHOUT PROFIT 150,000.00
ESTIMATED INVENTORY 12/31 1,710,000.00

PROBLEM 4

1 286,000.00
2 650,500.00
3 360,000.00
4 1,510,000.00
5 830,500.00
6 570,000.00
7 512,000.00

PROBLEM 5

1 1,715,560.00
2 1,509,760.00
3 812,560.00
4 232,400.00
5 464,800.00

PROBLEM 6

1D
2C
3B
4B
5C
6A
7B
8B
9C
10 D
OVER (UNDER)
PROFIT WORKING CAPITAL

(180,000.00) (180,000.00)
(100,000.00) 100,000.00
- -
200,000.00 200,000.00
250,000.00 250,000.00
(160,000.00) (160,000.00)
10,000.00 210,000.00

NP 12 MOS
12,000,000.00
-
(22,500.00)
(30,000.00)
-
-
11,947,500.00

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