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Question 1 Samantha Obom graduated from the Nova Scotia College of Art and Design (NSCAD) with a Master of Fine Arts in craft. While she was completing her degree, Samantha sold her jewellery designs at the Halifax Seaport Farmers Market on Saturdays. Samantha's designs are in great demand. Several of her customers suggested she open a combination retail store and design studio on the popular shopping street, Spring Garden Road, in Halifax so she would be more accessible to her customers and potential customers during the week. Samantha located suitable space and hopes to open Samantha's Gems in two weeks. Her friends have told her she needs to set up an inventory system to track the raw materials and finished pieces of jewellery. Someone suggested that she needs to count her inventory but Samantha thinks it is a waste of time. She would rather spend the time designing and crafting. Samantha's friends finally convinced her that she needs help with the inventory side of her business. During a recent meeting, Samantha provides you with the following information about the nature of her inventory. Samantha attends the annual American Gem Trade Association trade show in Tucson, Arizona, where she buys precious and semi-precious gems for use in her designs. Prices for the gems range from $250 to over $1,000 depending upon the type, quality, and size of the stone. Samantha typically buys $25,000 of stones each trip. Each gem is labelled as to cost, date of purchase, and relevant characteristics and is stored in a cardboard box on top of her design table in the new studio. While moving into her new space, Samantha discovered that two of the turquoise stones in her inventory had small cracks. Total cost for the two stones was $495. Samantha thinks she can still use the stones but estimates the net realizable value is $350. Samantha plans to hang the gold chains (14K and 18K) in a display case on top of the sales counter. During the move to her new space, Samantha discovered that she was missing three 18K gold chains. There are several boxes of findings (small pieces required to assemble the jewellery) in the studio. Samantha normally buys the findings in bulk. The only distinguishing feature is the size of the finding. Based on the information provided by Samantha, prepare a draft report that addresses the following questions: i. ii. iii. iv. Should Samantha Gems use a periodic or perpetual inventory system? Consider the advantages and disadvantages of each one. What inventory cost formula should Samantha' use? Consider the nature of the inventory. Explain the concept of net realizable value and how it applies to Samantha's business. Explain why counting inventory is not a waste of time. Question 2 West Machinery Ltd. acquired a new site for its manufacturing operations. The company was able to find the ideal location in terms of lot size and highway access. West paid $3.2 million to acquire the site. The bank, which was providing West with the financing for the purchase, required that an appraisal be completed of the property. The appraisal report came back with the following estimated market values: land $1,800,000, building $1,080,000, and land improvements $120,000. West explained, to the bank's satisfaction, that it paid the $200,000 premium because of the savings it would realize from minimizing transportation distances given the site's superior highway access. Explain the allocation for West Machinery, and prepare the journal entries. Explain why this allocation process is necessary. Why is the $200,000 is not treated as Goodwill? Question 3 Ginny's Company's beginning inventory and purchases during the fiscal year ended December 31, 2017 were as follows: (NOTE: The company uses a periodic system of inventory) January 1-Beginning inventory March 12-Sold April 11-Purchase June 20-Sold Aug 16-Purchase Sept 11-Sold Units 120 40 85 94 122 133 Unit Price Total Cost $41 $4,920 $35 $2,975 $45 $5,490 1. Calculate the following under both the FIFO and Average Cost methods for calculating inventory. a. Value of ending inventory b. Cost of goods sold 2. Discuss why there a difference between the calculations under FIFO and Average Cost. Explain why a user of financial statements needs to understand the cost formula when evaluating a company's inventory balance. 3. Discuss the impact on the current ratio and net income under the two different methods