Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tom pryor is conducting an audit of the computeriz

Tom Pryor is conducting an audit of the computerized inventory system used by Zix Corporation....

80.2K

Verified Solution

Question

Accounting

Tom Pryor is conducting an audit of the computerized inventory system used by Zix Corporation. Tom has inserted hypothetical data into the computer program that tracks inventory on a perpetual basis. Below are the hypotheical data inserted by Tom: Transaction Units Cost per unit Beginning inventory 10 $10 Purchase, day 1 5 $11 Sale, day 2 6 Purchase, day 3 8 $12 Sale, day 4 9 The computer program returned the following ending inventory values: FIFO perpetual, $96 LIFO perpetual, $80 Moving average, $88 Which of the three values appears to be incorrect, and what "error" might be causing this condition?

FIFO perpetual: Date Purchases Cost of Goods Sold Balance Day 0 10 X $10 = $100 Day 1 5 X $11 = $55 Day 2 Day 3 8 X $12 = $96 Day 4 Ending LIFO perpetual: Date Purchases Cost of Goods Sold Balance Day 0 10 X $10 = $100 Day 1 5 X $11 = $55 Day 2 Day 3 8 X $12 = $96 Day 4 Ending Moving average: Date Purchases Cost of Goods Sold Balance Day 0 10 X $10 = $100 Day 1 5 X $11 = $55 Day 2 Day 3 8 X $12 = $96 Day 4 Ending

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

Q

What is the value of x in the equation log4(x-1) = 9.(a)x=49(b)x = 65(c)x=64(d)x=81

Algebra
Q

In a survey of 1066 ​adults, a poll​ asked, \"Are you worried or not worried about...

Statistics
Q

The Galvanometer 1) why would it be advantageous to measure miniscule measure levels of current? 2) what kind...

Physics
Q

A 0.5530-kg ice cube at -12.40°C is placed inside a chamber of steam at 365.0°C. Later,...

Physics
Q

punctuation of an introductory 2 transitional phrase A As we have seen before Shakespeare speaks...

Biology
Q

A constant force acting at the centre of a uniform disc of radius r is...

Physics
Q

The spring has a length of 1 5 m and the 10 kg block is...

Physics
Q

Plots of land between two roads are laid out according to the boundaries shown The...

Geometry
Q

A manufacturer incurs the following costs in producing x water ski vests in one day...

Calculus
Q

Tennies Clinic uses client-visits as its measure...

Accounting
Q

Comprehensive Problem. 1 Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2023, it...

Accounting
Q

Problem 3-10A Posting, adjusted trial balance, and preparing financial statements LO6,7 Rainmaker Environmental...

Accounting