Assignment 1: Penny Case Answers

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Penny,

At the end of 2012, Woodhaven was requested to do a review of our inventory and identify any items that should carry an additional obsolescence reserve, above and beyond the standard Woodhaven reserve calculation. At the time, we identified approximately $100K in additional reserve that was recorded directly on to SALO books, not Woodhaven. Each quarter, analysis of those items has been performed and an adjustment has been made to the balance.

The current quarter calculation is attached which has a reserve balance of $13,619.92. The quarter change was $9.38. All of these items, with one exception, are included in the Woodhaven reserve calculation we update each quarter. Given the size of the remaining balance on this reserve and

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