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1. UOP ACC 422 Week 2 Wilevplus Ex 8-2, Ex 8-9, Ex
8-12, Ex 9-2, Ex 9-7, Ex 9-17, Ex 9-18, Ex 9-20, Ex
922 (with Excel File) NEW
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This Tutorial contains Excel File which can be
used
to solve for any values
Complete the following assignments • Exercise 8-2
• Exercise 8-9 (Part Level Submission)
• Exercise 8-12 (Part Level Submission)

2. 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

3. 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

4. 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
individual-item 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 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.
Exercise 9-18

5. 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.
Exercise 9-22
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.
Exercise 9-20
Presented below is information related
to Marigold Company.
Compute the ending inventory at retail.

6. 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).
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7. 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).
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