Case Study > Apollo Shoes Case - Inventory Audit_ACC492 - Contemporary Auditing II

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Running head: APOLLO SHOES CASE - INVENTORY AUDIT

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Apollo Shoes Case - Inventory Audit Team member names ACC492 - Contemporary Auditing II Date due Facilitator – name

Feedback from Instructor Earned Points:4.7/5 Comments: The audit of inventory is usually one of the first areas that a beginning staff person will audit. This exercise gives us a clear understanding of how to take inventory and how the physical inventory count ties back to the general ledger. There are no errors or problems with the audit of inventory. I am expecting a write-up that documents the work adequately (i.e. cross-referencing and tying balances back to the trial balance).

APOLLO SHOES CASE - INVENTORY AUDIT

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Apollo Shoes Case - Inventory Audit Apollo Shoes, Inc. Inventory Test Count December 31, 2007 Pallet Client Count Entered Reviewed Auditor Location SKU# Style Type Size Count Team By By Count Diff.

C46 Thomas, to 30180 Spotlight Men’s 23 2,234 Greene Harrington Jacobs 2,234 0 C48 A65 Morris, to 10200 Siren Women’s 6.5 5,000 Peters Samuels Jacobs 5,000 0 A69 B25 Adams, to 20040 Speaker Men’s 7.5 14,257 Frey Meadows Jacobs 14,257 0 B38 B213 Landry, to 20220 Speaker Women’s 8 14,626 Robertson Johnston Jacobs 14,626 0 B226 C1 Thomas, to 30010 Spotlight Men’s 6 3,276 Greene Harrington Jacobs 3,276 0 C4 C102 Thomas, To 30330 Spotlight Women’s 12 3,330 Greene Harrington Jacobs 3,330 0 C105 A10 Morris, To 10030 Siren Men’s 8 4,130 Peters Samuels Jacobs 4,130 0 A13 Total inventory count was verified with a post physical inventory count. Each inventory sheet was totaled to confirm that the numbers received on the post physical count were the same as the physical inventory count totals. These figures will be compared to the inventory warehouse report as well.

Apollo Shoes, Inc. Inventory Test Count / Warehouse Report Comparison December 31, 2007 Pallet Location C46 to C48 A65 to A69 B25 to B38 B213 to B226 C1 to C4 C102 To C105 A10 To A13

Size

Inventory Count

Sheet number

Warehouse Inventory Report

Men’s

23

2,234

81

2,234

6

Siren

Women’s

6.5

5,000

20

5,000

1

20040

Speaker

Men’s

7.5

14,257

37

14,257

2

20220

Speaker

Women’s

8

14,626

56

14,626

4

30010

Spotlight

Men’s

6

3,276

64

3,276

5

30330

Spotlight

Women’s

12

3,330

96

3,330

6

10030

Siren

Men’s

8

4,130

3

4,130

SKU#

Style

30180

Spotlight

10200

Type

Page #

1

APOLLO SHOES CASE - INVENTORY AUDIT

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Total inventory count was verified with a post physical inventory count. Each inventory sheet was totaled to confirm that the numbers received on the post physical count were the same as the physical inventory count totals. These figures will be compared to the inventory warehouse report as well.

APOLLO SHOES CASE - INVENTORY AUDIT

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Date: Mon, 31 Dec., 2007 To: “Darlene Wardlaw” <dw@aow.cpa> From: "Team C" <teamc@aow.cpa> Subject: Apollo Shoes Inventory Observation During the observation of inventory, Manager Andrew Jacobs provided the Apollo inventory count teams with written instructions regarding the inventory count process. The inventory count instructions covered each stage of the verification process. However, said instructions did not include consideration for inventory items held by Apollo but not owned by Apollo, inventory items in transit, or inventory items that have become obsolete. The observed count team followed all instructions on the inventory count instructions. The inventory count instructions are included as an attachment to this memo.

Several cases of slow-moving goods were observed in the warehouse during the observation process. Apollo has no policies or procedures for slow-moving goods. While many of these slow-moving goods are stocked in the warehouse in large quantities, the items are unnecessarily ordered. Apollo also has no policies or procedures regarding obsolete items. During the observation, I discovered several pallets of shoes located in the back of the warehouse covered in dust. I made inquiries to the foreman about the dusty pallets and was told these were the reason Apollo’s reserve for inventory obesity is so high. I am providing an attachment to this memo showing the slow-moving inventory items and purchases of unnecessary items.

While the employees involved in the Apollo count teams followed the instructions provided, these employees were regular warehouse workers. None of the count team members was independent.

Apollo’s count sheets totaled 98. Of the 98 total count sheets, seven were rechecked. The seven count sheets that were recounted were selected randomly and the client was not informed which sheets would be recounted. The seven recounted count sheets are provided as attachments to this memo. No differences were observed between the client’s inventory count and the auditor’s recount. Several boxes selected at random were opened to verify the contents. Each box opened contained the appropriate inventory.

As previously stated, the inventory count teams followed the instructions provided by management. However, one item on the instructions was not within the count teams’ control.

The instructions specifically stated that NO inventory should be moved or sold during the counting process. Apollo received a shipment of inventory on December 31, 2007, during the count. The shipment was included in the inventory count with a value of $8,434,889.

Each pallet in the warehouse was tagged as counted to avoid missing a pallet or counting twice.

However, the tags were attached by one count team and not subjected to review by a second team.

APOLLO SHOES CASE - INVENTORY AUDIT

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Apollo Shoes Inventory Count Instructions

1.

Counts will be performed in teams of two, consisting of a counter and a writer.

2.

For each bin, identify the item located in it and the count of that item. If more than one item is in the bin, write in the bin number, the additional item description, and the count in the open space at the bottom of your count sheet.

3.

After counting a bin, place an inventory count tag on the bin to mark it as having been counted.

4.

After a team finishes its counts, each count team member should write his/her name in the "Count Team" line on each count sheet and the team should then turn in the sheets to the inventory manager.

5.

After receiving the count sheets(s), the inventory manager will review and sign them, and then submit them to the inventory clerk for processing.

6.

The inventory clerk will enter the counts into the computer system, run a variance report, and submit the variance report to the inventory manager.

7.

The inventory manager will assign recounts for variances to the count teams. Each team will then recount the assigned bins and initial beside the recount on the count sheet.

8.

The recounts will be resubmitted to the inventory manager, who will review and sign them, and then submit them to the inventory clerk for final entry.

9.

There will be NO sales and NO movement of inventory during the count.

APOLLO SHOES CASE - INVENTORY AUDIT

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Slow-moving Inventory Sku# 10080 20060 20070 30260

Style Siren Speaker Speaker Spotlight

Type Men’s Men’s Men’s Women’s

Size 10 1/2 8 1/2 9 8 1/2

Quantity 4585 15,273 15,425 4,489

Unit Price Ext. Price 139.76 640,799.60 116.71 1,782,511.83 116.71 1,800,251.75 205.27 921,457.03

Purchase of Slow-moving Goods Sku#

Style

Type

Size

Invoice

Date

Units Purchased

20050

Speaker Men’s

8

1004345 8-Aug 1004346 2-Dec 1004347 26-Dec

30250

TOTALS Spotlight Women’s 8

6,116 6,902 2,684 15,702 2,013 1,945 3,958 2,580 2,936 1,132 6,648 3,027 2,896 1,328 7,251

10200 Siren

TOTALS Women’s 6 1/2

10210 Siren

TOTALS Women’s 7

TOTALS

1004345 8-Aug 1004346 2-Dec 1004345 8-Aug 1004346 2-Dec 1004347 26-Dec 1004345 1004346 1004347

8-Aug 2-Dec 26-Dec

Sold 4,162 0 0 4,162 179 0 179 1,648 0 0 1,648 1,470 0 0 1,470

Balance 1,954 8,856 11,540 11,540 1,834 3,779 3,779 932 3,868 5,000 5,000 1,557 4,453 5,781 5,781

APOLLO SHOES CASE - INVENTORY AUDIT

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INVENTORY COUNT SHEET December 31, 2007

SHEET NO. 81

COUNT TEAM

R. Thomas, Q. Greene

ENTERED BY

B. Harrington

REVIEWED BY

A. Jacobs

Pallet Location

Sku#

`

Style

Type

Quantity Counted

Size

C46

30180 Spotlight

Men's

23

1080

C47

30180 Spotlight

Men's

23

1080

C48

30180 Spotlight

Men's

23

74

APOLLO SHOES CASE - INVENTORY AUDIT

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APOLLO SHOES, INC. INVENTORY COUNT SHEET December 31, 2007

SHEET NO. 20

COUNT TEAM

J. Morris, T. Peters

ENTERED BY

G.R. Samuels

REVIEWED BY

A. Jacobs

Pallet Location

Sku#

`

Style

Type

Quantity Counted

Size

A65

10200 Siren

Women's

6.5

1080

A66

10200 Siren

Women's

6.5

1080

A67

10200 Siren

Women's

6.5

1080

A68

10200 Siren

Women's

6.5

1080

A69

10200 Siren

Women's

6.5

680

APOLLO SHOES, INC.

APOLLO SHOES CASE - INVENTORY AUDIT

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INVENTORY COUNT SHEET December 31, 2007

SHEET NO. 37

COUNT TEAM

S. Adams, H. Frey

ENTERED BY

E. Meadows

REVIEWED BY

A. Jacobs

Pallet Location

Sku#

`

Style

Type

Quantity Counted

Size

B25

20040 Speaker Men's

7.5

1080

B26

20040 Speaker Men's

7.5

1080

B27

20040 Speaker Men's

7.5

1080

B28

20040 Speaker Men's

7.5

1080

B29

20040 Speaker Men's

7.5

1080

B30

20040 Speaker Men's

7.5

1080

B31

20040 Speaker Men's

7.5

1080

B32

20040 Speaker Men's

7.5

1080

B33

20040 Speaker Men's

7.5

1080

B34

20040 Speaker Men's

7.5

1080

B35

20040 Speaker Men's

7.5

1080

B36

20040 Speaker Men's

7.5

1080

B37

20040 Speaker Men's

7.5

1080

B38

20040 Speaker Men's

7.5

217

APOLLO SHOES, INC. INVENTORY COUNT SHEET

APOLLO SHOES CASE - INVENTORY AUDIT

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December 31, 2007

SHEET NO. 56

COUNT TEAM

K. Landry, L. Robertson

ENTERED BY

N. Johnston

REVIEWED BY

A. Jacobs

Pallet Location

Sku#

`

Style

Type

Quantity Counted

Size

B213

20220 Speaker

Women's

8

1080

B214

20220 Speaker

Women's

8

1080

B215

20220 Speaker

Women's

8

1080

B216

20220 Speaker

Women's

8

1080

B217

20220 Speaker

Women's

8

1080

B218

20220 Speaker

Women's

8

1080

B219

20220 Speaker

Women's

8

1080

B220

20220 Speaker

Women's

8

1080

B221

20220 Speaker

Women's

8

1080

B222

20220 Speaker

Women's

8

1080

B223

20220 Speaker

Women's

8

1080

B224

20220 Speaker

Women's

8

1080

B225

20220 Speaker

Women's

8

1080

B226

20220 Speaker

Women's

8

586

APOLLO SHOES, INC. INVENTORY COUNT SHEET

APOLLO SHOES CASE - INVENTORY AUDIT

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December 31, 2007

SHEET NO. 64

COUNT TEAM

R. Thomas, Q. Greene

ENTERED BY

B. Harrington

REVIEWED BY

A. Jacobs

`

Pallet Location

Sku#

C1

30010 Spotlight

Men's

6

1080

C2

30010 Spotlight

Men's

6

1080

C3

30010 Spotlight

Men's

6

1080

C4

30010 Spotlight

Men's

6

36

APOLLO SHOES, INC.

Style

Type

Quantity Counted

Size

APOLLO SHOES CASE - INVENTORY AUDIT

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INVENTORY COUNT SHEET December 31, 2007

SHEET NO. 96

COUNT TEAM

R. Thomas, Q. Greene

ENTERED BY

B. Harrington

REVIEWED BY

A. Jacobs

`

Style

Type

Quantity Counted

Pallet Location

Sku#

Size

C102

30330 Spotlight

Women's

12

1080

C103

30330 Spotlight

Women's

12

1080

C104

30330 Spotlight

Women's

12

1080

C105

30330 Spotlight

Women's

12

90

APOLLO SHOES CASE - INVENTORY AUDIT

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APOLLO SHOES, INC. INVENTORY COUNT SHEET December 31, 2007

SHEET NO. 3

COUNT TEAM

J. Morris, T. Peters

ENTERED BY

G.R. Samuels

REVIEWED BY

A. Jacobs

Pallet Location

Sku#

`

Style

Type

Quantity Counted

Size

A10

10030 Siren

Men's

8

1080

A11

10030 Siren

Men's

8

1080

A12

10030 Siren

Men's

8

1080

A13

10030 Siren

Men's

8

890

APOLLO SHOES CASE - INVENTORY AUDIT

SKU # 10010 10320 20110 20200 30350

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Apollo Shoes, Inc. Sample Unit cost from Recent Invoice Tied to Inventory Status Report December 31, 2007 Item # Description Invoice Unit Price 2007 on Quantity hand MS1001GX WS1032GX MS2011MX WA2020MX WS3035MG

Men Siren (7) Women Siren (12.5) Men Speakers (11) Women Speaker (7) Women Spotlight (13)

892 408 2109 3106 518

$139.76 $139.76 $116.71 $116.71 $205.27

2006 on hand

4002 823 9170 13620 2063

507 737 1720 1858 408

The inventory costs from the invoice matched the cost listed on the inventory. The items evaluated showed there was still inventory on hand from 2006. It could benefit Apollo Shoes to review their purchasing practices. These were sizes, for the most part, that would possibly be a specialty sizes. Men's size 7 and women's size 12.5 and 13 may not be common enough to keep such a large stock on hand. There were styles that seemingly had popularity that did not depict purchasing requirements as large as those made did. An example of possible over purchase was the women's Speaker size 7, at the end of 2007 Apollo Shoes had 13620 pairs remaining that were purchased in 2007 not to mention stock from 2006 left in inventory from 2006. Apollo Shoes does a FIFO inventory and still had stock on all items randomly selected for the cost comparison from 2006, therefore they had the higher priced purchases from 2007 remaining in stock. This will have much to do with the balance of cost for merchandise in inventory at the end of 2007. It was a large increase over 2006 year-end inventory value.

Apollo Shoes, Inc. Inventory Lead Schedule Year Ended Dec 31, 2007

Account Account ID Description 12000 Inventory Reserve for Inventory 12300 Obsolescence

2006 (Audited) $18,825,205.24

Purchases/ Additions $178,845,967.52

Cost of Goods 2007 Sold (COGS) (Unaudited) $130,246,645.26 $67,424,527.50

($3,012,000.00) $15,813,205.24

$0.00 $178,845,967.52

($2,145,000.00) ($867,000.00) $128,101,645.26 $66,557,527.50

APOLLO SHOES CASE - INVENTORY AUDIT

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Apollo Shoes, Inc. Trial Balance Year Ended Dec 31, 2007

Account ID 10100 10200 10300 10400 11000 11400 11500 12000 12300 14100 14200 14300 14400 14700 15000 15100 15200 17000 19000 19900 20000 23100 23200 23300 23350 23400 23500 23600 23700 23800 23900 24100 24200 24700 27000

Account Description Cash on Hand Regular Checking Account Payroll Checking Account Savings Account Accounts Receivable Other Receivables Allowance for Doubtful Accounts Inventory Reserve for Inventory Obsolescence Prepaid Insurance Prepaid Rent Office Supplies Notes Receivable-Current Other Current Assets Land Buildings and Land Improvements Machinery, Equipment, Office Furniture Accum. Depreciation Investments Other Noncurrent Assets Accounts Payable Sales Tax Payable

2006 (Audited) $1,987.28 $198,116.52 $0.00 $3,044,958.13 $16,410,902.71

Wages Payable FICA Employee Withholding Medicare Withholding Federal Payroll Taxes Payable FUTA Tax Payable State Payroll Taxes Payable SUTA Tax Payable FICA Employer Withholding Medicare Employer Withholding Line of Credit Current Portion Long-Term Debt Other Current Liabilities Notes Payable-Noncurrent

($1,262,819.88) $18,825,205.24 ($3,012,000.00) $743,314.38 $200,000.00 $7,406.82 $0.00 $0.00 $117,000.00

2007 (Unaudited) $2,275.23 $532,125.92

Difference

$3,670,599.15 $49,780,259.98 $1,000,000.00 ($1,254,009.75) $67,424,527.50 $48,599,322.26 $2,145,000.00 ($867,000.00) $3,374,213.78 $8,540.00

$117,000.00

$623,905.92

$674,313.92

$433,217.10 ($164,000.00) $612,691.08 $13,840.59 ($4,633,118.09) $0.00

$2,929,097.13 ($610,000.00) $2,038,780.39 $13,840.59 ($1,922,095.91)

($29,470.32) ($1,318.69) ($583.99) ($6,033.01) $0.00 ($2,815.47) $0.00 ($1,318.69)

($259,146.36) ($4,291.25) ($11,414.99) ($118,086.12)

($583.99) ($10,000,000.00)

($11,414.99) ($44,053,000.00)

$0.00 $0.00 $0.00

($10,000,000.00)

($42,397.24) ($4,291.25)

APOLLO SHOES CASE - INVENTORY AUDIT

39003 39004 39005 40000 41000 42000 45000 46000 47000 50010 57500 60000 61000 62000 64000 64500 65000 66000 67000 68000 70000 70100 70110 70120 71000 72000 73000 74000 77500 78000 78500 78510 80000

Common Stock Paid-in Capital Retained Earnings Sales - Spotlight Sales Returns Warranty Expense Income from Investments Interest Income Miscellaneous Income Cost of Goods Sold Freight Advertising Expense Auto Expenses Research and Development Depreciation Expense Warehouse Salaries Property Tax Expense Legal and Professional Expense Bad Debt Expense Insurance Expense Maintenance Expense Utilities Phone Postal Miscellaneous Office Expense Payroll Tax Exp Pension/Profit-Sharing Plan Ex Rent or Lease Expense Administrative Wages Expense Interest Expense Income Tax Expense - Federal Income Tax Expense - State Loss on Legal Settlement

($8,105,000.00) ($7,743,000.00) ($1,899,120.65) ($246,172,918.44) $4,497,583.20 $1,100,281.48 $0.00 ($204,302.81) $141,569,221.61 $4,302,951.46 $897,140.01 $208,974.39 $31,212,334.17 $133,000.00 $4,633,383.82 $80,495.32 $3,605,133.96 $1,622,425.99 $853,942.65 $61,136.04 $135,642.99 $76,373.78 $128,033.21 $17,023.27 $1,550,989.06 $3,000,000.00 $2,603,485.87 $16,875,305.98 $875,000.00 $2,365,000.00 $429,000.00 $19,172,000.00

16

($8,105,000.00) ($7,743,000.00) ($6,270,483.64) ($245,213,452.88) $13,600,220.89 $1,158,128.47 ($1,426,089.31) ($131,881.46) ($2,145,000.00) $130,246,645.26 $4,236,263.09 $986,854.01 $214,502.80 $212,864.02 $446,000.00 $4,720,715.56 $84,332.45 $1,902,224.45 $36,106.92 $49,502.87 $137,332.18 $52,599.02 $77,803.61 $24,891.82 $1,577,811.85 $3,300,000.00 $1,203,574.00 $16,197,225.43 $2,591,736.50 $13,069,000.00 $2,241,000.00

APOLLO SHOES CASE - INVENTORY AUDIT

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References Apollo Shoes Inc. (2007). Apollo Shoes Inc. Audit. Retrieved September 24, 2012, from University of Phoenix e-campus.

Boynton, W. C., & Johnson, R. N. (2006). Modern Auditing: Assurance Services and the Inegrity of Financial Reporting (8th ed.). Hoboken, NJ: John Wiley & Sons, Inc.

Apollo Shoes Case Week 3 – Inventory The audit of inventory is usually one of the first areas that a beginning staff person will audit.

This exercise gives us a clear understanding of how to take inventory and how the physical inventory count ties back to the general ledger.

Inventory Task:  Prepare an Inventory Observation memo.  Tie in Bradley’s test counts on the client’s count sheets to Apollo’s Inventory Warehouse Report.  Tie the Inventory Warehouse Report to Apollo’s Inventory Status Report supplied by Karina last week.  Next, judgmentally sample a number of unit costs from recent invoices and tie them to the Inventory Status Report. If the numbers agree, tie the Inventory Status Report into the Inventory Lead Schedule.  Lastly, tie the lead schedule into the Trial Balance Points to Remember  There are no errors or problems with the audit of inventory. I am expecting a write-up that documents the work adequately (i.e. cross-referencing and tying balances back to the trial balance).  The lead schedule must be adjusted like the accounts receivable schedule.  There is a problem with inventory obsolescence. This amount is subject to student estimate. We have come up with an estimate based on day sales in inventory and using last year’s %.

Apollo Shoes, Inc. Inventory Observation December 31, 2007

APOLLO SHOES CASE - INVENTORY AUDIT

18

On December 31, 2007, we observed Apollo’s end of the year inventory count. We noted the following: 

We observed the Apollo manager, Andrew Jacobs, giving instructions to the count teams.

The instructions are attached and marked D-4-1.



All of the shoeboxes were stacked in pallets. Each pallet was six boxes wide by six boxes deep and stacked 30 boxes high (6X6X30=1080 boxes per pallet). Each pallet included all the same sizes of men’s, women’s, and children’s shoes. Bradley judgmentally sampled boxes throughout the warehouse to make sure that shoes were in each of them. Indeed, shoes were present in all of the boxes he checked.



We observed the Apollo personnel counting all inventory, including a shipment of shoes believed to have been received that morning. The invoice totaling $8,434,889.09 shows that the shipment was made from the Anglonesia Rehabilitation and Reprogramming Institute on December 26, “FOB Destination.” Copies of that invoice as well as the ones from the last two purchases are attached as D-5 through D-5.2. These were the only shipments received in the last few months. We also observed a count tag on every pallet.



We re-counted all shoes on 7 out of the 98 count sheets. Those seven count sheets are attached as D-4.2 through D-4.8. There were no differences in our test counts and those counted by Apollo employees. The Apollo employees were unaware of our re-counts.



There were some pallets of shoes stacked near the back of the warehouse (furthest from the shipping dock). They were covered in dust, and seemed to be very old. Each of the pallets contained boxes of men’s size 23 shoes. When asked about the value, if any, of the shoes, the inventory foreman laughed and stated that those shoes were the reason the reserve for inventory obsolescence was so high. He also said that they had shipped out “a boatload of them (size 23’s) to some suckers last week.”

The inventory counts observed and the re-counts we performed lead to the conclusion that all of the actual inventory counts are correct. Since there was no deviation between Apollo’s counts and the test counts, we do not believe that any further inventory testing is necessary. However, we think that it is necessary to follow up on 2 issues that surfaced during the inventory count.

1) We need to determine make sure that a payable is recognized for the shipment of shoes totaling over 8 million dollars was actually received. Since the shoes were received on or before December 31st, then we need to make sure that the invoice is included in the Accounts Payable balance as of December 31, 2007.

2) We must investigate further the pallet of men’s size 23 shoes, as well as the comments made by the foreman. We need to determine whether those shoes should continue to be counted as inventory. We should also look at recent shipments to determine what company those shoes were shipped to, and whether that company actually ordered them.

When we recently performed a Revenue Cycle Test of Controls, there was a shipment

APOLLO SHOES CASE - INVENTORY AUDIT

19

without a purchase order to Mall-Warts in late December. It’s possible that Mall-Warts got the size 23’s in that shipment. Since we already know that there are some problems between Sales and Accounts Receivable, we should make sure that this shipment was properly accounted for.

APOLLO SHOES, INC. INVENTORY COUNT SHEET December 31, 2007

SHEET NO. 20

COUNT TEAM

J. Morris, T. Peters

ENTERED BY

G.R. Samuels

REVIEWED BY

A. Jacobs

Pallet Location

Sku#

A65

10200 Siren

Women's

6.5

1080 D-3

A66

10200 Siren

Women's

6.5

1080 D-3

A67

10200 Siren

Women's

6.5

1080 D-3

A68

10200 Siren

Women's

6.5

1080 D-3

A69

10200 Siren

Women's

6.5

680 D-3

`

Style

Type

Quantity Counted

Size

APOLLO SHOES CASE - INVENTORY AUDIT

20

INVOICE No 1004346

Page 1 of 2

Anglonesia Rehabilitation and Reprogramming Institute 31XPZ Chancellor Anglonesia, GH327MQ Date VIA: Terms:

12/2/05 Cargo, Freight paid by Shipper 2/10, net 30, FOB Destination

Bill To: Apollo Shoes One Shoe Place Shoetown, ME 00001 Item #

Description

MS1001GX MS1002GX MS1003GX MS1011GX MS1012GX MS1013GX MS1014GX MS1015GX WS1019GX WS1020GX WS1021GX WS1022GX WS1028GX WS1029GX WS1033GX MS2001MX MS2002MX

Men's Siren Size 7 Men's Siren Size 7.5 Men's Siren Size 8 Men's Siren Size 12 Men's Siren Size 12.5 Men's Siren Size 13 Men's Siren Size 13.5 Men's Siren Size 14 Women's Siren Size 6 Women's Siren Size 6.5 Women's Siren Size 7 Women's Siren Size 7.5 Women's Siren Size 10.5 Women's Siren Size 11 Women's Siren Size 13 Men's Speaker Size 6 Men's Speaker Size 6.5

Ship To: Apollo Shoes One Shoe Place Shoetown, ME 00001 Quantity

Unit Price 2233 2,339 2070 2,112 1266 844 410 234 2411 2,936 2896 1,990 909 374 555 3,706 4983

139.76 139.76 139.76 139.76 139.76 139.76 139.76 139.76D-2 139.76 139.76 139.76 139.76 139.76 139.76 139.76D-2 116.71 116.71

Total 312,084.08 326,898.64 289,303.20 295,173.12 176,936.16 117,957.44 57,301.60 32,703.84 336,961.36 410,335.36 404,744.96 278,122.40 127,041.84 52,270.24 77,566.80 432,527.26 581,565.93

APOLLO SHOES CASE - INVENTORY AUDIT

MS2003MX MS2004MX MS2005MX MS2011MX MS2012MX MS2014MX MS2015MX WS2016MX WS2017MX WS2018MX WS2019MX WS2020MX WS2021MX WS2022MX WS2023MX WS2024MX WS2025MX WS2026MX WS2027MX WS2029MX MS3001MG MS3002MG MS3003MG MS3004MG MS3005MG

Men's Speaker Size 7 Men's Speaker Size 7.5 Men's Speaker Size 8 Men's Speaker Size 11 Men's Speaker Size 11.5 Men's Speaker Size 12.5 Men's Speaker Size 13 Women's Speaker Size 5 Women's Speaker Size 5.5 Women's Speaker Size 6 Women's Speaker Size 6.5 Women's Speaker Size 7 Women's Speaker Size 7.5 Women's Speaker Size 8 Women's Speaker Size 8.5 Women's Speaker Size 9 Women's Speaker Size 9.5 Women's Speaker Size 10 Women's Speaker Size 10.5 Women's Speaker Size 11.5 Men's Spotlight Size 6 Men's Spotlight Size 6.5 Men's Spotlight Size 7 Men's Spotlight Size 7.5 Men's Spotlight Size 8

21

5,078 7955 6,902 5015 1,805 1465 696 13490 14,487 13030 13,453 7154 15,923 16235 16,288 15121 6,587 4663 1,809 560 1,696 1258 1,444 1853 1,757

116.71 116.71 116.71 116.71 116.71 116.71 116.71 116.71 116.71 116.71 116.71 116.71D-2-1 116.71 116.71 116.71 116.71 116.71 116.71 116.71 116.71 205.27 205.27 205.27 205.27 205.27

592,653.38 928,428.05 805,532.42 585,300.65 210,661.55 170,980.15 81,230.16 1,574,417.90 1,690,777.77 1,520,731.30 1,570,099.63 834,943.34 1,858,373.33 1,894,786.85 1,900,972.48 1,764,771.91 768,768.77 544,218.73 211,128.39 65,357.60 348,137.92 258,229.66 296,409.88 380,365.31 360,659.39