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Auditing and Assurance Services 1st Edition by Iris Stuart
Edition 1ISBN: 978-0073404004Auditing and Assurance Services 1st Edition by Iris Stuart
Edition 1ISBN: 978-0073404004 Exercise 16
Dart Company's accounting records indicated the following information:
A physical inventory taken on December 31, 2012, resulted in an ending inventory of $575,000. Dart's gross profit on sales has remained constant at 25% in recent years. Dart suspects some inventory could have been taken by a new employee. At December 31, 2012, what is the estimated cost of missing inventory
a. $25,000.
b. $100,000.
c. $175,000.
d. $225,000.
A physical inventory taken on December 31, 2012, resulted in an ending inventory of $575,000. Dart's gross profit on sales has remained constant at 25% in recent years. Dart suspects some inventory could have been taken by a new employee. At December 31, 2012, what is the estimated cost of missing inventory
a. $25,000.
b. $100,000.
c. $175,000.
d. $225,000.
Explanation
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Verified
Inventory :
Inventory is defined as the...
Auditing and Assurance Services 1st Edition by Iris Stuart
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