Answer the question in the Yellow Boxes. Reference Material is Intermediate Accounting 16th Edition Wiley Binder Version.

In your audit of Morgan Company, you fnd that a physical inventory on December 31, 2017, showed merchandise with a co 1 2 3 4 5 Merchandise of $60,140 which is held by Morgan on consignment. The consignor is the Max Suzuki C Merchandise costing $36,890 which was shipped by Morgan f.o.b. destination to a customer on Dece Merchandise costing $46,730 which was shipped by Morgan f.o.b. shipping point to a customer on D Merchandise costing $85,330 shipped by a vendor f.o.b. destination on December 30, 2017, and rece Merchandise costing $55,340 shipped by a vendor f.o.b. shipping point on December 31, 2017, and r Based on the above information, calculate the amount that should appear on Morgan's balance sheet at December 31, 201 Inventory as on Dece $ Sunland Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at Dece Estimated selling pric Cost Cost to complete Selling costs Item D $144 90 36 12 Item E $132 96 36 22 Item F $114 96 30 12 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for eac Item D Item E Item F Item G Item H Item I $ $ $ $ $ $ Monty Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,400 1,100 1,000 1,200 900 700 3,200 1,200 Cost per Unit $3.81 3.21 5.36 4.28 2.68 3.57 2.14 5.59 Cost to Replace $3.57 2.74 4.4 3.69 2.38 3.21 1.9 6.19 From the information above, determine the amount of Monty Company inventory. The amount of Monty Company's inventory$ You are called by Tim Duncan of Whispering Co. on July 16 and asked to prepare a claim for insurance as a result of a theft Inventory, July 1 $ 38,200 Purchasesgoods placed in stock July 1-15 80,300 Sales revenuegoods delivered to customers (gross) 124,800 Sales returnsgoods returned to stock 4,400 Your client reports that the goods on hand on July 16 cost $29,400, but you determine that this fgure includes goods of $5 Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.7 Claim against the insurance company $ Sandhill Lumber Company handles three principal lines of merchandise with these varying rates of gross proft on cost. Lumber Millwork Hardware and fttings 25% 30% 40% On August 18, a fre destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To fle Lumber Inventory, Jan. 1, 201 $246,600 Purchases to Aug. 18, 1,479,900 Sales to Aug. 18, 20172,059,300 Millwork $91,300 378,000 536,900 Hardware $44,100 162,800 218,400 Submit your estimate of the inventory amounts immediately preceding the fre. (Round ratios for computational purposes t Inventory Lumber $ Millwork $ Hardware $ The records of Teal's Boutique report the following data for the month of April. Sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $107,900 Purchases (at cost) $51,200 2,100 Purchases (at sales price) 89,300 10,900 Purchase returns (at cost) 2,100 1,600 Purchase returns (at sales price) 3,200 8,700 Beginning inventory (at cost) 33,024 2,900 Beginning inventory (at sales pric 48,200 2,600 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 Ending inventory using conventional retail inventory method $ wed merchandise with a cost of $448,200 was on hand at that date. You also discover the following items were all excluded from the $4 signor is the Max Suzuki Company. on to a customer on December 31, 2017. The customer was expected to receive the merchandise on January 6, 2018. point to a customer on December 29, 2017. The customer was scheduled to receive the merchandise on January 2, 2018. ember 30, 2017, and received by Morgan on January 4, 2018. December 31, 2017, and received by Morgan on January 5, 2018. heet at December 31, 2017, for inventory. ms. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear belo Item G $108 96 42 24 Item H $132 60 36 12 Item I $108 43 36 24 ecember 31, 2017, for each of the inventory items above. individual-item basis. Estimated Selling Price $5.36 4.17 5.95 3.81 3.87 4.52 2.98 7.14 Cost of Completion and DisposalNormal Proft $0.42 $1.49 0.6 0.6 0.48 1.19 0.3 1.07 0.95 0.71 0.48 0.6 0.89 0.6 0.6 1.19 ance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are a gure includes goods of $5,500 received on a consignment basis. Your past records show that sales are made at approximately 30% over 2 decimal places, e.g. 78.73% and fnal answer to 0 decimal places, e.g. 28,987.) of gross proft on cost. stacked in the yard. To fle a report of loss for insurance purposes, the company must know what the inventories were immediately pre computational purposes to 5 decimal places, e.g. 78.74265% and fnal answers to 0 decimal places, e.g. 28,987.) mputational purposes to 0 decimal places, e.g. 78% and fnal answer to 0 decimal places, e.g. 28,987.) e all excluded from the $448,200. uary 2, 2018. ese products appear below. y. The following data are available. at approximately 30% over cost. Duncan's insurance covers only goods owned. ies were immediately preceding the fre. No detail or perpetual inventory records of any kind were maintained. The only pertinent info d. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a freproof v h was kept in a freproof vault and thus escaped destruction. All questions here are linked to the starting data. Presented below is information related to Sheffield Company. Cost Beginning inventory $ 57,390 Purchases (net) 123,320 Net markups Net markdowns Sales revenue Retail $102,500 207,100 10,382 28,742 178,230 Compute the ending inventory at retail. Ending inventory $ Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, e.g. 78.74%) -1 -2 -3 -4 Cost-to-retail percentage Excluding both markups and markdowns. % Excluding markups but including markdowns. % Excluding markdowns but including markups. % Including both markdowns and markups. % Which of the methods in (b) above does the following? -1 Provides the most conservative estimate of ending inventory. -2 Provides an approximation of lower-of-cost-or-market. -3 Is used in the conventional retail method. Use the following to answer the above questions Exlcuding Both Markups and Markdowns Excluding Markups but Including Markdowns Excluding Markdowns but Including Markups Including Both Markdowns and Markups Compute ending inventory at lower-of-cost-or-market. (Round ratio to 2 decimal places, e.g. 78.74% and fnal answer to 0 d Ending inventory $ Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225.) Cost of goods sold $ Compute gross margin based on (d). (Round answer to 0 decimal places, e.g. 6,225.) Gross margin $ aces, e.g. 78.74%) 4% and fnal answer to 0 decimal places, e.g. 6,225.)