The auditor multiplies the quantity of inventory on the inventory ledger by the cost of the inventory to arrive at total inventory balance per product number.This is an example of recalculation by footing.

Question

Quizplus · Accepted Answer

Recalculation by footing typically refers to the process of adding up numbers to check for accuracy, not multiplying quantities by costs to determine inventory balances.

The Auditor Multiplies the Quantity of Inventory on the Inventory