As a part of your clerical tests of inventory for Martin Manufacturing, you have tested about 20% of the dollar items and have found the following exceptions:
State the amount of the actual misstatement in each of the four tests. For any item for which the amount of the misstatement cannot be determined from the information given, state the considerations that will affect your estimate of the misstatement.
b. As a result of your findings, what will you do about clerical accuracy tests of the inventory in the current year? What changes, if any, would you suggest in internal controls and procedures for Martin Manufacturing during the compilation of next year’s inventory to prevent each type of misstatement?
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