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 Exercise 8-2 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. Exercise 9-2 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. Exercise 9-7 Blue Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individualitem basis. From the information above, determine the amount of Blue Company inventory. Exercise 9-17 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