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2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account View transaction

2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account View transaction

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the lower of cost or market for the inventory applied separately to each item. Per Unit Cost Market Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total Units View transaction list No 484 295 216 189 174 349 $ 104 $ 112 $ 36,296 $ 39,088 264 125 115 33,000 330 100 109 33,000 208 66 56 13,728 164 107 326 88 109 View journal entry worksheet Date December 31 Cost of goods sold 154 97 336 Merchandise inventory 98 119 Complete this question by entering your answers in the tabs below. Cost Total <Required 1 79,376 31,565 70,416 General Journal < Required 1 Market 30,360 35,970 11,648 74,536 28,615 72,576 LCM applied to: Entire Inventory Required 1 Require 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. 16,632 18,522 16,632 18,966 20,706 18.966 $ 332,979 $ 332,021 $ 332,021 $ 320,469 Required 2 > Debit Individual Items $ Credit 36,296 30,360 33,000 11,648 74,536 28,615 70,416 Ⓡ
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the lower of cost or market for the inventory applied separately to each item. Per Unit Cost Market Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total Units View transaction list No 484 295 216 189 174 349 $ 104 $ 112 $ 36,296 $ 39,088 264 125 115 33,000 330 100 109 33,000 208 66 56 13,728 164 107 326 88 109 View journal entry worksheet Date December 31 Cost of goods sold 154 97 336 Merchandise inventory 98 119 Complete this question by entering your answers in the tabs below. Cost Total <Required 1 79,376 31,565 70,416 General Journal < Required 1 Market 30,360 35,970 11,648 74,536 28,615 72,576 LCM applied to: Entire Inventory Required 1 Require 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. 16,632 18,522 16,632 18,966 20,706 18.966 $ 332,979 $ 332,021 $ 332,021 $ 320,469 Required 2 > Debit Individual Items $ Credit 36,296 30,360 33,000 11,648 74,536 28,615 70,416 Ⓡ
A physical inventory of Liverpool Company taken at December 31 reveals the following Car audie equipment Speakers Sterece Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods stabilizers Unita 349 264 330 200 494 295 216 View transaction lat 189 374 Per Unit Cost $.104 125 100 66 Journal entry worksheet 164 107 326 11 109 Market #112 115 109 56 154 97 336 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. 98 119 Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.
Transcribed Image Text:A physical inventory of Liverpool Company taken at December 31 reveals the following Car audie equipment Speakers Sterece Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods stabilizers Unita 349 264 330 200 494 295 216 View transaction lat 189 374 Per Unit Cost $.104 125 100 66 Journal entry worksheet 164 107 326 11 109 Market #112 115 109 56 154 97 336 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. 98 119 Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.
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