Following is an inventory test count working paper that documents Donald Schwab's physical inventory observations in the Hillsdale Company's roofing materials warehouse on December 31, 1999, the date of the physical inventory (and the last day of the fiscal year), including his follow-up work tracing test counted items to the client's final priced inventory on January 11, 2000.

+ Agreed to client's corrected count sheet.

* Agreed to client's final priced inventory.

Conclusion Based on test counts, I am satisfied that the client's count procedures were reasonable and that there are no significant quantities of otherwise nonsalable items.

Required: 

List the deficiencies in this working paper.

Transcribed Image Text:

Hillsdale Company, Inc. Inventory Test Counts: Roofing Materials Warehouse January 11, 2000 C60 DS Ticket Count per: Difference: Number Description Client Audit Over (Under) 1245 Stock No. C10568: Shake shingle 1470 ct. 1430 ct.* 40 ct. 1324 1034 Stock No. D56748: Tile shingle 1539 ct. 1539 ct.+ Stock No. E56849: Tenpenny nails 205 ft. 400 ft.* 5 ft. 1076 Stock No. L38271: Tar paper 125 ft. 120 ft. 1089 Stock No. E56849: Edged Shake shingle 978 ct. 978 ct.* 1090 Stock No. C84059: Facing glue 587 gal. 578 gal.+ 1099 Stock No. F57487: Carriage House shingle 798 ct. 798 ct.+ 0014 Stock No. G57849: Grand Manor shingle 1287 ct. 1292 ct.* (5 ct.) 0129 Stock No. B77473: Sun Surf shingle 647 ct. 647 ct.* Stock No. S75743: Classic Revival 547 ct. 547 ct.* 0324 Stock No. T47383: Dimensional shingle 569 ct. 569 ct.*