20 Conditional Format Cel Formatting as Table Styles Format c D G N 0 Problem #1 Steve Mayer is an auditor with Yutz & Putz CPA's, he is performing an audit of Golub Company's books and records at December 31, 2019 According to its physical count records, the inventory balance at 12/31/19 is $670,000. However the following information was not considered when determining that information: 5670,000 - 1 Included in the companys physical count of inventory were goods with a cost of $45,000 that the company is holding on consignment for Kyrie & Company. In addition, the Company has $48,000 of its goods out on consignment to Jordan & Co. The physical count did not include goods purchased by Golub with a cost of $49,000, that were shipped FOB shipping point on December 2011 and were received in Golub's warehouse on January 1st. 2 3 Included in the count are goods with a cost of $52,000 that have a net realizable value of $36,000. The full cost of the goods is included in the count. Prepare a schedule to determine the correct inventory amount at December 31, 2019. Problem #2 Holler and Company has the following Inventory, Purchases and Sales data for the month of February Inventory Purchases: 2/1 500 Units@ $10.50/unit 2/5 700 units @ $11.50/unit 2/17 700 units @ $11.80/unit 2/27 300 units @ $12.50/unit 2/8 300 Units 2/12 100 units 2/24 400 units Sales: The physical inventory count at February 28th shows 1400 units on hand. Under a periodic inventory system, determine the cost of inventory on hand at February 28th and the cost of goods sold for February, under the (A) FIFO and (B) LIFO methods. Problem 13 Using the same facts as in Problem 12: I copied the facts for your ease. Inventory Purchases: 2/1 500 Units@ $10.50/unit 2/5 700 units @ $11.50/unit 2/17 700 units @ $11.80/unit 2/27 300 units @ $12.50/unit 2/8 300 Units 2/12 100 units 2/24 400 units Sales: The physical inventory count at February 28th shows 1400 units on hand. Under a perpetual inventory system determine the cost of the inventory on hand at February 28th and the cost of goods sold for February, under the (A) FIFO and (B) LIFO methods. H M N D G Problem Below is a series of cost of goods sold sections for companies A, B, C and Di 22. Jan Mayer sold merchandise to Johanesberg Co in the amount of $15,200, with terms of 1/10, N/30. The cost of the goods were 59,750. 1-Feb Johanesberg Co returned $3,600 of merchandise to Mayer with a cost of $2,450 8-Feb Johnco paid Mayer the balance due 18-Feb Mayer purchased merchandise in the amount of $18,500 with terms of 2/10, N/45 22-Feb Mayer returned $1,500 of the merchandise purchased on the 18th of February 28-Feb Cohen Bros purchased $19,500 of merchandise from Mayer, with a cost to Mayer of $15,500 Terms of the sale were 2/10, N/30 Journalize the above entries Problem #14 The balance at the end of the year in the allowance account of Mayer & Co. is $12,650 1 Assume the company uses the analysis of A/R method and estimates that $42,000 will be uncollectible 2 Assume that the company uses the % of sales method and estimates that 1/2 of 1% of sales of $22,000,000 will be bad Make the appropriate journal entries for each assumption above