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 %. • The student must also decide about a receipt for a shipment of shoes from Anglonesia Rehabilitation. The shoes should be treated as if received in 2007. When in doubt it is better to record a liability then to leave it unrecorded. Audit Program – Inventory and Cost of…