Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. summarizing obsolete inventory using idea. for th

Summarizing Obsolete Inventory Using IDEA. For this exercise, your client, Bright IDEAs Inc., has...

50.1K

Verified Solution

Question

Accounting

Summarizing Obsolete Inventory Using IDEA. For this exercise, your client, Bright IDEAs Inc., has provided you with a listing of inventory as of year end. To analyze the amount of obsolete inventory, as reported by the client, the auditor must complete a series of related steps: 1. Import the clients database of inventory on hand (pp. 187200 of the IDEA Workbook). You may have already completed this step in Chapter 3. 2. Summarize items identified as obsolete by the client (pp. 201-204 of the IDEA Workbook). Required Data available on McGraw-Hill Connect Inventory 2015.asc Required: Complete the preceding steps and answer the following questions: a. What percentage of the dollar amount of the clients inventory has been identified as obsolete? b. What effects would the findings in part (a) have on the auditors assessment of the risk of material misstatement? What accounts and assertions are most likely influenced by these findings?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

write a sytem of linear equations that fits the desrciption the solution of the sytem...

Electrical Engineering
1.2K views

2. Design a digital circuit, using a decoder, only Nor gates, a 7-segment display, and D...

Finance
1.2K views

Wizard Corporation has analyzed their customer and order handling data for the past year and has...

Biology
1.2K views

If the shape of an enzyme's active site were to change, the rate of the...

Basic Math
1.2K views

Two rooms in a house are similar rectangles. Room A is 12 ft by 16...

Calculus
1.2K views

Use the Laws of Logarithms to evaluate the expression log3 135 log3 45

Accounting
1.2K views

7. Your client Is starting to develop a cybersecurity program. Which of the following controls...

Accounting
1.2K views

What is the purpose for Y/N questions in Schedule B on the form 1065 Partnership...

Accounting
1.2K views

true or falseemployers have a "duty to accomodate" up to a level of "undue hardship"...

Finance
1.2K views

Suppose the Swiss government imposes an interest rate ceiling on Swiss bank deposits. What is...

Accounting
1.2K views

Alan and Zach want to set up a Corporation. Alan will be contributing a house...

Finance
1.2K views

Problem 4-2 Calculating Future Values [LO 1] For each of the following, compute the future...