Tutorial Question form book that Auditing and Assurance Services in Australia, Sixth Edition Revised

chapter 4 , 4.24

consider the following independent situation ,all of which apply to audits of entities for the year ending 30 June 2015

(A) Clothing Ltd (clothing )has been manufacturing uniforms for Australian market for 20years. A recent government tariff reduction policy has placed clothing in direct competition with cheaper uniforms manufactured overseas.in a bid to retain its market share clothing has been selling part of its school uniform range at below cost