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XYZ Company uses standard costs for allocating costs to work-in-process and finished goods ...

XYZ Company uses standard costs for allocating costs to work-in-process and finished goods inventory. What internal control is required with respect to these costs to ensure proper valuation of inventory?
A) procedures must be designed to keep the standards updated for changes in production processes and costs
B) computer software should be used to make sure that the standard costs are properly updated into the inventory item master file
C) input edit routines should be used to help detect input data entry errors for the entry of the standard costs
D) standard costs should be used to provide a value for inventory every month by calculating cost times quantity on hand

Textbook

Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Edition: 12^th

Authors: Arens, Elder, Beasley, Splettstoesser

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victrox

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eFishie Author

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Thanks

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Good timing, thanks!

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