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eFishie eFishie
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6 years ago
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

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


Edition: 12th
Authors:
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victroxvictrox
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6 years ago
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eFishie Author
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6 years ago
Smart ... Thanks!
deathwing
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Yesterday
Helped a lot
deathwing
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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