Answer:
a) Determination of whether the client's financial statement assertions are fairly stated in accordance with GAAP.
Explanation:
The essential purpose of the external audit function is that the financial statement of the client does not contain any mislead statements, give true and fair value of assurance to the external auditor, follow accounting principles called GAAP.
It checks that client business run in a smooth manner or not which represents legal compliance, industry compliance, etc. Moreover, it also detects the error or fraud, if any.
'You work as the inventory manager at a golf pro shop.' In this scenario, you are in the role of buyer. This is further explained below.
<h3>Who is a buyer?</h3>
Generally, a buyer is simply defined as one who purchases a product or service.
In conclusion, In a golf pro shop, you're the inventory manager.' You play the buyer in this scenario.
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Answer:
The monthly operating advantage of purchasing internally is $20
Explanation:
Judging from an opportunity perspective,the company pays $50 when he purchases externally and as a result saves $30,in essence the company incurs $20($50-$30) more when it purchases externally.
No doubt that if the situation reverses itself, the company gains $20 if produces and sells internally as against purchasing from external party.
From the foregoing,it is obvious that the monthly operating advantage of purchasing goods internally is a cash saving of $20 per item
Hence, buying internally is more desirable and preferred option
Answer:
a. 650 units
b 130 units
c 325 units
d. $1,040
Explanation:
a. The computation of the economic order quantity is shown below:
= 
= 
= 650 units
b. The number of orders would be equal to
= Annual demand ÷ economic order quantity
= $84,500 ÷ 650 units
= 130 orders
c. The average inventory would equal to
= Economic order quantity ÷ 2
= 650 units ÷ 2
= 325 units
d. The total cost of ordering cost and carrying cost equals to
Ordering cost = Number of orders × ordering cost per order
= 130 orders × $4
= $520
Carrying cost = average inventory × carrying cost per unit
= 325 units × $1.60
= $520
So, the total would be
= $520 + $520
= $1,040
Answer:
0.07947
Explanation:
Given that
P=P0(1.05)t
where
P0 represents the price in dollars
Plus P0 = 1
T = time = 10 years
So the equation is
P = 1(1.05)^10
The formula is shown below:
After solving this, the value is 0.07947
