Exercise 8-5 Marin Company asks you to review its December 31, 2017, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 1. Marin uses the periodic method of recording inventory physical count reveals $328,846 of inventory on hand at December 31, 2017. 2. Not included in the physical count of inventory is $18,788 of merchandise purchased on December 15 from Browser. This merchandise was shipped f.o.b. shipping point on December 29 and arrived in January. The invoice arrived and was recorded on December 31. 3. Included in inventory is merchandise sold to Champy on December 30, f.o.b. destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $17,920 on December 31. The merchandise cost $10,290, and Champy received it on January 3 4. Included in inventory wass merchandise received from Dudley on December 31 with an invoice price of $21,882. The merchandise was shipped f.o.b. destination. The invoice, which has not yet arrived, has not been recorded. 5. Not included in inventory counted. The invoice was received and recorded on December 30. 6. Included in inventory wass $14,613 of inventory held by Marin on consignment from Jackel Industries. 7. Included in inventory is merchandise sold to Kemp f.o.b. shipping point. This merchandise was shipped on December 31 after it was counted. The invoice was prepared and recorded as a sale for $26,460 on December 31. The cost of this merchandise was $14,728, and Kemp received the merchandise on January 5 $11,956 of merchandise purchased from Glowser Industries. This merchandise was received on December 31 after the inventory had been 8. Excluded from inventory was a carton labeled "Please accept for credit." This carton contains merchandise costing $2,100 which had been sold to a customer for $3,640 No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged; Marin will honor the return Your answer is incorrect. Try again Determine the proper inventory balance for Marin Company at December 31, 2017. 334,572 Inventory balance as on December 31, 2017 Exercise 8-14 The following is record of Kingbird Company's transactions for Boston Teapots for the month of May 2017. 404 units @ $21May 10 Sale May 1 Balance 303 units @ $39 606 units $25 20 Sale 545 units@$39 Purchase 12 404 units @ $32 28 Purchase Your answer is correct Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 566 units on hand, what is the cost of the e inventory using (1) FIFO and (2) LIFO? (1) (2) FIFO LIFO 16,978 12,534 Ending Inventory SHOW SOLUTION LINK TO TEXT Your answer is partially correct. Try again Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO. (1) FIFO (2) LIFO Ending Inventory 16,978 16,330 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT