ACC 543 – Computer
Auditing and Investigation
ACL FAQs
Lower of Cost or Market:
Lower of cost or market means that for each individual item of inventory, it is carried on the financial statements at whichever is lower, cost or expected net selling price (market). In the ACL case, expected net selling price is the selling price less 10% in sales costs. For project 9-2 you would need to calculate this "market price" number for all inventory items (added field).
Long Answers:
For case 9-2 and also some earlier cases, where long detailed answers are required (for example, questions 4, 5, 6) please type out your answers on Word detailing the specific steps taken and why. Don't try to squash them into a small space on the answer page. 4, 5 & 6 each require answers that are half to a full page typed.
- 5/03/2007 - Last Updated 5/03/2007 -