Chapter 9 Production Conversion Cycle & Auditing Inventory Accounting Study Guide PDF 2026/2027

Chapter 9_ Production_Conversion
Chapter
Cycle
9_&Production_Conversion
Auditing InventoryChapter
_ Accounting
Cycle
9_&Production_Conversion
Auditing
Study Guide.pdf
Inventory _ Accounting
Cycle & Auditing
Study Guide.pdf
Inventory _ Accounting Study Guide.pdf




Chapter 9: Production/Conversion
Cycle & Auditing Inventory | Accounting
Study Guide




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Chapter 9_ Production_Conversion
Chapter
Cycle
9_&Production_Conversion
Auditing InventoryChapter
_ Accounting
Cycle
9_&Production_Conversion
Auditing
Study Guide.pdf
Inventory _ Accounting
Cycle & Auditing
Study Guide.pdf
Inventory _ Accounting Study Guide.pdf

, Chapter 9 - Production_Conversion Cycle & Auditing Inventory.pdf Chapter 9 - Production_Conversion Cycle & Auditing Inventory.pdf Chapter 9 - Production_Conversion Cycle & Auditing Inventory.pdf


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Terms in this set (29)



 Key Area & Risk 1 Inventory is stated at lower of cost or market 




Key Area & Risk 2 Inventory costs will be tested by tracing: a) raw material costs to vendor
invoices b) work in process and finished goods costs to costs build
up/accumulation testing using bills of materials/job costing summary
(showing components for raw material- vendor invoices, labor -
timecards/reporting, and manufacturing overhead MOH - testing of
MOH rate calculations)


Key Area & Risk 3 Lower of cost or market will be vendor invoice costs for raw materials
(and WIP) and market/selling prices for finished goods less disposal costs
(selling, packaging, shipping, etc...) There is no "market" for WIP so it will
be evaluated using the results of the raw materials and finished goods
"market" testing results



Chapter 9 - Production_Conversion Cycle & Auditing Inventory.pdf Chapter 9 - Production_Conversion Cycle & Auditing Inventory.pdf Chapter 9 - Production_Conversion Cycle & Auditing Inventory.pdf