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Smith, the senior audit associate in charge of the audit of Raymond's Mfg., observed the client's physical inventory count held on the last day of the company's fiscal year, August 31, Year 1. Smith identified some differences in quantity of items between his count and the quantity recorded on the client's inventory listing. Complete the task below by using the information provided in the exhibits above. For each variance identified, select from the option list provided the auditor's most likely response. A response may be used once, more than once, or not at all.

E-mail From Controller

From: controller@raymondmfg.com To: seniorauditor@cpas.com Date: September 10, Year 1 Subject: Re: Inventory variances Auditor, I had a chance to review the variances. Below please find the explanations for those variances:

AB-6123: Inventory in transit shipped FOB shipping point, received September 2, Year 1

HJ-0990: Inventory sold to customer FOB destination, not received by customer until September 2, Year 1

CO-8013: Payments made in advance for items received September 2, Year 1

CO-8012: Inventory received August 30, Year 1; vendor shipment receipt not recorded

WI-5491: Inventory was separated for a September 1 sale; held on dock for customer pickup

MO-6403: Additional items identified as damaged and will be returned to vendor

Thanks, Controller

From: seniorauditor@cpas.com To: controller@raymondmfg.com Date: September 5, Year 1 Subject: Inventory variances Hi Controller: Based on our inventory count on August 31, Year 1, we identified some variances between our test count and the inventory quantity recorded on your books. Can you please provide us with an explanation for the items below? I've also included our test count.

Item Code	Auditor's Test Count
AB-6123	434
HJ-0990	11,000
CO-8013	197
CO-8012	800
WI-5491	600
MO-6403	150

Best regards, Auditor

Client Inventory Listing

Item Name	Item Code	Inventory Quantity
MDF Panel	AB-6123	484
Sheathing Plywood	CO-8012	786
Sanded Plywood	CO-8013	203
Pegboard Panel	HJ-0990	11,222
Underlayment	MO-6403	127
Strand Board	WI-5491	663

please help

I had a chance to review the variances. Below please find the explanations for those variances: EXHIBITS - AB-6123: Inventory in transit shipped FOB shipping point, received September 2, Year 1 - HJ-0990: Inventory sold to customer FOB destination, not received by customer until September 2, Year 1 response may be used once, more than once, or not at all. - CO-8013: Payments made in advance for items received September 2 , Year 1 - CO-8012: Inventory received August 30, Year 1; vendor shipment receipt not recorded - WI-5491: Inventory was separated for a September 1 sale; held on dock for customer pickup - MO-6403: Additional items identified as damaged and will be returned to vendor EXHIBITS G Client Inventory Listing F. E-mail From controller \begin{tabular}{c|c|c|c|c|} 2 & 1 & MDF Panel & AB-6123 & \\ \hline 3 & 2 & Pegboard Panel & HJ-0990 & \\ \hline 4 & 3 & SandedPlywood & CO-8013 & \\ \hline 5 & 4 & SheathingPlywood & CO-8012 & \\ \hline 6 & 5 & Strand Board & Wl-5491 & \\ \hline 7 & 6 & Underlayment & MO-6403 & \\ \hline \end{tabular} Inspect supporting documents and agree quantities received to purchase order Inspect supporting purchase documents for proper shipping terms and receiving information to verify exclusion from inventory count Inspect supporting purchase documents for proper shipping terms and receiving information to verify inclusion in inventory count Inspect supporting sale and shipment documentation for proper shipping terms for exclusion from inventory count Inspect supporting sale and shipment documentation for proper shipping terms for inclusion in inventory count Obtain the scrap inventory log and agree to general ledger Request that client make appropriate correction to record additional inventory Request that client make appropriate correction to reduce inventory Review return shipment documentation to verify exclusion from inventory count Review return shipment documentation to verify inclusion in inventory count I had a chance to review the variances. Below please find the explanations for those variances: EXHIBITS - AB-6123: Inventory in transit shipped FOB shipping point, received September 2, Year 1 - HJ-0990: Inventory sold to customer FOB destination, not received by customer until September 2, Year 1 response may be used once, more than once, or not at all. - CO-8013: Payments made in advance for items received September 2 , Year 1 - CO-8012: Inventory received August 30, Year 1; vendor shipment receipt not recorded - WI-5491: Inventory was separated for a September 1 sale; held on dock for customer pickup - MO-6403: Additional items identified as damaged and will be returned to vendor EXHIBITS G Client Inventory Listing F. E-mail From controller \begin{tabular}{c|c|c|c|c|} 2 & 1 & MDF Panel & AB-6123 & \\ \hline 3 & 2 & Pegboard Panel & HJ-0990 & \\ \hline 4 & 3 & SandedPlywood & CO-8013 & \\ \hline 5 & 4 & SheathingPlywood & CO-8012 & \\ \hline 6 & 5 & Strand Board & Wl-5491 & \\ \hline 7 & 6 & Underlayment & MO-6403 & \\ \hline \end{tabular} Inspect supporting documents and agree quantities received to purchase order Inspect supporting purchase documents for proper shipping terms and receiving information to verify exclusion from inventory count Inspect supporting purchase documents for proper shipping terms and receiving information to verify inclusion in inventory count Inspect supporting sale and shipment documentation for proper shipping terms for exclusion from inventory count Inspect supporting sale and shipment documentation for proper shipping terms for inclusion in inventory count Obtain the scrap inventory log and agree to general ledger Request that client make appropriate correction to record additional inventory Request that client make appropriate correction to reduce inventory Review return shipment documentation to verify exclusion from inventory count Review return shipment documentation to verify inclusion in inventory count