This Tutorial contains Excel File which can be used to solve for any values
Complete the following assignments i
• Exercise 8-2
• Exercise 8-9 (Part Level Submission)
• Exercise 8-12 (Part Level Submission)
• Exercise 9-2
• Exercise 9-7
• Exercise 9-17
• Exercise 9-18
• Exercise 9-20
• Exercise 9-22
In your audit of Leon Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $400,500 was on hand at that date. You also discover the following items were all excluded from the $400,500.
Based on the above information, calculate the amount that should appear on Leon’s balance sheet at December 31, 2017, for inventory.
Exercise 8-9 (Part Level Submission)
Cullumber Company sells one product. Presented below is information for January for Cullumber Company.Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.
(a) – (this has 4 parts)
Assume Cullumber uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 107 units.
Exercise 8-12 (Part Level Submission)
Marigold Company was formed on December 1, 2016. The following information is available from Marigold’s inventory records for Product BAP.A physical inventory on March 31, 2017, shows 1,808 units on hand.Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.
Coronado Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below.Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above.
Blue Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.From the information above, determine the amount of Blue Company inventory.
You are called by Tim Duncan of Ivanhoe Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available.Your client reports that the goods on hand on July 16 cost $32,800, but you determine that this figure includes goods of $6,000 received on a consignment basis. Your past records show that sales are made at approximately 25% over cost. Duncan’s insurance covers only goods owned.
Compute the claim against the insurance company.
Marigold Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction.Submit your estimate of the inventory amounts immediately preceding the fire.
The records of Grouper’s Boutique report the following data for the month of April.Compute the ending inventory by the conventional retail inventory method.
Presented below is information related to Marigold Company.
Compute the ending inventory at retail.
Which of the methods in (b) above does the following?
Compute ending inventory at lower-of-cost-or-market
Compute cost of goods sold based on (d).
Compute gross margin based on (d).