NOCourse Learning Outcomes 14 Illustrate accounting for merchandising operations including inventory valuation 15 Assess ethical issues facing the business and design suitable internal controls Question(s) link with CLOs: Question CLO I CLO 2 CLO 3 CLO 4 CLO 5 Max. point Points earned 1 0% 0% 0% 100% 0% 7.5 2 0% 0% 0% 100% 7.5 0% INSTRUCTIONS 1. Use the templates given in the course on Blackboard to prepare the inventory journal. 2. The descriptive answers (Question 2) will be graded using the rubrics given on the last page of this assignment. 3. Your final document should be uploaded on Blackboard on or before the due date. 4. Do not copy the questions on to your answer sheets. Only use the header with the University logo on the front cover after filling in your details. 5. Maximum plagiarism percentage is 20%. If the plagiarism is high you will be marked 'zero' for the assessment item. 6. The due date for submission is April 22, 2022. Assignment Grading Rubrics Criteria Poor Average Good Excellent Q1 Q2 0-50% 51-70% 71-90% 91-100% Identification Unable to Just able to Clearly Excellent ability of the problem identify the key identify the key identified the key to identify the key - 20% issues of the issues of the issues of the issues of the topic topic topic topic 1.5 marks 0.75 marks 0.75-1.0 marks 1.0-1.25 marks 1.25-1.5 marks Analysis and Unable to select Able to select Skilled at Adept at selecting arguments - and use the and use some selecting and and using 40% relevant methods methods of using appropriate appropriate of analysis/theories methods of methods of analysis/theories for arguing the analysis/theories analysis/theories for arguing the point for arguing the for arguing the point point point 3 marks 1.5 marks 1.5-2 marks 2-2.75 marks 2.75-3 marks Conclusion The conclusions Fairly Good Excellent -20% do not flow from appropriate conclusions that conclusion closely the analysis conclusions flow from the flowing form the analysis analysis 1.5 marks 0.75 marks 0.75-1.0 marks 1.0-1.25 marks 1.25-1.5 marks References and Poor formatting Basic formatting Good formatting Excellent Formatting - and and few and references formatting and 10% unprofessional references professional references references 0.75 marks 0.375 marks 0.375-0.5 marks 0.5-0.675 marks 0.675-0.75 marks Submission Not submitted Late without a Late with a valid On time -10% valid reason reason 0.75 marks 0.375 marks 0.375-0.5 marks 0.5-0.675 marks 0.675-0.75 marks TOTAL 7.5 7.5 QUESTION 1 CLO 4 Illustrate accounting for merchandising operations including inventory valuation Shanrock Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $4 $ 400 1/20 Purchase 400 $6 2,400 7/25 Purchase 200 $7 1,400 10/20 Purchase $8 2,400 1,000 $6,600 300 A physical count of inventory on December 31 revealed that there were 400 units on hand. Instructions Calculate the cost of goods sold and the value of the ending inventory on December 31, using the LIFO, FIFO and Average Cost methods. QUESTION 2 CLO 5 Assess ethical issues facing the business and design suitable internal controls Read the case described here and answer the question below in 500 words approximately. Jim Coleman, was appointed the manager of Maris Properties, a recently formed company that manages residential rental properties. Linda Grider is the accountant. She prepared a chart of accounts based on an analysis of the expenditures of the company. One of the largest expense categories is Travel and Entertainment. Mr. Coleman believes that it is important to maintain a presence in the social life of the city. In this, he sharply differs from his father, Randall Coleman. Randall has set up Maris Properties in order to test his son's management skills before allowing him to manage the more lucrative commercial property business. Randall provided the capital for Maris, and maintains close contact with the company. He allowed his son, however, to hire his own employees. Mr. Coleman has asked Linda, the accountant, to change the name of the Travel and Entertainment account to Property Development. He hopes to distract his father's attention away from the amount he has spent on travel and entertainment until he has proven that his methods work. When Linda resisted, he reminded her that he, not his father, hired her. He also reminded her that she had been enthusiastic about his business plans when she was hired Required List your observations on the above case, recommend and explain appropriate internal control measures to be implemented in Maris Properties to ensure the accuracy and relaibility of their financial statements and results