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1. UOP ACC 422 Week 3 WileyPLUS Assignment
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Exercise 9-1
The inventory of Oheto Company on December
31, 2013, consists of the following items.
Part
No.
Quantity
Cost Cost to per
Replace per Unit
Unit
110 620 $126 $133

2. 111 1,140 80 69
112 580 106 101
113 230 226 239
120 450 273 277
121 1,650 21 19
122 330 319 313
Part No. 121 is obsolete and has a realizable
value
of $0.7 each as scrap.
(a) Determine the inventory as of December 31,
2013, by the lower-of-cost-or-market method,
applying this method directly to each item.
(b) Determine the inventory by the lower-of-cost-
or-market method, applying the method to the
total of the inventory.
Exercise 9-12
Astaire Company uses the gross profit method to
estimate inventory for monthly reporting

3. purposes. Presented below is information for the
month of May.
Inventory, May 1 $ 171,000
Purchases
(gross)
Freight-in
Sales
Purchase
discounts
655.400
31.400
1,057,50
0
Sales returns 82,500
12,990
recourse.com
(a) Compute the estimated inventory at May
31, assuming that the gross profit is 25% of
sales.
(b) Compute the estimated inventory at May
31, assuming that the gross profit is 25% of
cost.
Exercise 10-5
Allegro Supply Company, a newly formed

4. corporation, incurred the following expenditures
related to Land, to Buildings, and to Machinery and
Equipment.
Abstract company's fee for
title search $1,752
Architect's fees 10,683
Cash paid for land and
dilapidated building thereon
310,040
Removal of old building $67,40
0
Less: Salvage 18,535 48,865
Interest on short-term loans
during construction 24,938
Excavation before
construction for basement 64,030
Machinery purchased (subject
to 2% cash discount, which
was not taken)
219,050
Freight on machinery
purchased
4,516
Storage charges on
machinery, necessitated by

5. noncompletion of
building when machinery was
delivered
New building constructed
(building construction took 6
months from
date of purchase of land and
old building)
Assessment by city for
drainage project
Hauling charges for delivery
of machinery from storage to
new building
Installation of machinery
Trees, shrubs, and other
landscaping after completion
of building
(permanent in nature)
7,347
1,634,450
5,392
n
2,089
6,740
18,198
Determine the amounts that should be debited
to Land, to Buildings, and to Machinery and

6. Equipment. Assume the benefits of capitalizing
interest during construction exceed the cost of
implementation.
Exercise 10-12
Below are transactions related to
Impala
Company.
(a)
The City of Pebble Beach gives the
company 5 acres of land as a plant site. The
fair value of this land is determined to be
$90,900.
14,000 shares of common stock with a par
value of $52 per share are issued in exchange for
land and buildings. The property has been
appraised at a fair value of $909,000, of which
$186,500 has been allocated to land and (b)
$722,500 to buildings. The stock of Impala
Company is not listed on any exchange, but
a block of 100 shares was sold by a stockholder 12
months ago at $68 per share, and a block of 200
shares was sold by another stockholder 18
months ago at $60 per share.

7. No entry has been made to remove from the
accounts for Materials, Direct Labor, and
Overhead the amounts properly chargeable
to
(c) plant asset accounts for machinery
constructed during the year. The following
information is given relative to costs of the
machinery constructed.
Materials used $12,880
Factory supplies used 970
Direct labor incurred 17,030
Additional overhead (over
regular) caused by
construction of machinery,
excluding factory supplies
used
2,570
Fixed overhead rate applied to
regular manufacturing
operations
60% of
direct labor
cost
Cost of similar machinery if it
had been purchased from
outside suppliers
45,020

8. Prepare journal entries on the books of Impala
Company to record these transactions. (Credit
account titles are automatically indented when
amount is entered. Do not indent manually.)
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