task problem help- two problems- please do in excel

Project Description:

problem 1.

bandino company began operations on 1/1/12. at 12/31/12, the following data were available:
at cost at retail
inventory, 1/1/12 149,000 219,000
markdowns 70,000
markups 84,000
markdown cancellations 40,000
markup cancellations 20,000
purchases 519,600 708,000
sales 675,000
purchase returns 8,600 11,000
sales returns 20,000
employee discounts 5,000

required:
(a) compute the ending inventory at cost at 12/31/12 using the conventional retail inventory method. your solution should be in good form with amounts clearly labeled.

(b) what adjustment will bandino need to make to apply the lcom rule to its ending inventory for balance sheet presentation?



problem 2:
at 12/31/11, the end of badger company's first year of business, inventory was $3,400 and $2,300 at cost and at market, respectively.

the following data relates to the 12/31/12 inventory of badger:


original cost replacement
item per unit cost
a $ .55 $ .45
b .45 .40
c .70 .75
d .65 .55
e .85 .95

selling price is $1.00 per unit for all items. disposal costs amount to 10% of selling price and a normal profit is 40% of selling price. there are 1,000 units of each item in the 12/31/12 inventory.

required:
a. prepare the entry at 12/31/11 necessary to implement the lower of cost or market procedure assuming badger uses a contra account for its balance.
b. complete the above schedule based on the lower of cost or market rules.
c. prepare the entries necessary at 12/31/12 based your computations.
d. how are inventory losses disclosed on the income statement for 2012?
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