Account Tutor help me A physical inventory of Liverpool Company taken atDecember 31 reveals the following:ItemPer unitUnitsCostMarketCar audio equipmentSpeakers345$ 90$ 98Stereos260$ 111$ 100Amplifiers326$ 86$ 95Subwoofers204$ 52$ 41Security equipment:Alarms480$ 150$125Locks291$ 93$ 84Cameras212 $310$ 322Binocular equipmentTripodsStabilizersRequired:185$ 70$ 84170$ 97$ 105a. Calculate the lower of cost or market for theinventory applied separately to each item.b. If the market amount is less than the recorded costof the inventory, then record the LCM adjustment to theMerchandise Inventory account.

Step 1: Analyze Each Inventory ItemWe calculate LCM by comparing the cost and the market value for…

Answered: A physical inventory of Liverpool…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.12E: Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless...

See similar textbooks

Similar questions

The following information pertains the physical inventory of Electronics Unlimited taken at December 31 Required: Calculate the LCNRV for the:Inventory by major group b. Inventory, applied separately to each product Prepare the appropriate entry if any for a and b
A physical inventory of Liverpool Company taken at December 31 revesls the following. Per Unit Cost Market Item Car audio equipnent Speakers Units 346 $101 $189 Stereos 261 122 112 Amplifiers Subwoofers 327 97 186 205 63 53 Security equiprent Alarms 481 161 151 Locks 292 184 94 323 Cameras Binocular equipnent Tripods Stabilizers 213 333 186 85 95 171 105 116 Required: 1. Calculate the lower of cost or market for the inventory spplied separately to eoch item. 2. If the market smount 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 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM appled to: Individual Itema Item Unite Cost Market Cost Market Car audio equipment Speakers 346 S 101 109 Stereas 261 122 112 Amplifiers 327 97 106 Subwoofers 205 63 53 Security equipment Alarms 481…
dbdhhe not use ia pdbdnsnj
answer in text form please (without image), Note: .Every entry should have narration please
es You have been assigned to select an MUS sample from Whitney Company's detailed inventory records as of September 30. Whitney's controller gave you a list of the 23 different inventory items and their recorded book amounts. The senior accountant told you to select a sample of 10 dollar units and the inventory items that contain them. ID Amount ID Amount ID Amount ID Amount 1 $1,750 7 $1,255 13 $ 937 19 $2,577 2 1,492 8 3,761 14 5,938 20 1,126 3 994 9 1,956 15 2,001 21 565 4 629 10 1,393 16 222 22 2,319 5 6 2,272 1,163 11 884 17 1,738 23 1,681 12 729 18 1,228 Required: Prepare audit documentation showing a systematic selection of 10 dollar units and the related logical units. Arrange the items in their numerical identification number order and use a random starting point at the 1,210th dollar. Recorded ID Amount Cumulative Amount 1 $ 1,750 Dollar Selected 1,210 Selected Logical Unit 2 1,492 3 994 4 629 5 2,272 6 1,163 7 1,255 8 3,761 9 1,956 10 1,393 11 884 12 729 13 937 14 5,938 15…
A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 351 $ 106 $ 114 Stereos 266 127 117 Amplifiers 332 102 111 Subwoofers 210 68 58 Security equipment Alarms 486 166 156 Locks 297 109 99 Cameras 218 328 338 Binocular equipment Tripods 191 90 100 Stabilizers 176 111 121 Required:1. Calculate 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. Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM applied to: Item Units Cost Market Cost Market Individual Items Car audio…
Tom Pryor is conducting an audit of the computerized inventory system used by Zix Corporation. Tom has inserted hypothetical data into the computer program that tracks inventory on a perpetual basis. Below are the hypotheical data inserted by Tom: Transaction Beginning inventory Purchase, day 1 Sale, day 2 Purchase, day 3. Sale, day 4 Units 10 5 669 Cost per unit $10 $11 $12 The computer program returned the following ending inventory values: FIFO perpetual, $96 LIFO perpetual, $80 Moving average, $88 Which of the three values appears to be incorrect, and what "error" might be causing this condition?
s
Choose amounts the 3 listed items that a manufacturer’s inventory may include: pre-ordered material inventory work in process inventory unused inventory
Looking for answers. Please inlcude all the calculation for my reference. Thanks! Make any adjustment necessary to inventory Analyze and review the following items and determine the appropriate journal entry. Record the journal entry
A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 350 $ 105 $ 113 Stereos 265 126 116 Amplifiers 331 101 110 Subwoofers 209 67 57 Security equipment Alarms 485 165 155 Locks 296 108 98 Cameras 217 327 337 Binocular equipment Tripods 190 89 99 Stabilizers 175 110 120 Required:1. Calculate 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.
A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 338 $ 93 $ 101 Stereos 253 114 103 Amplifiers Subwoofers Security equipment 319 89 98 197 55 44 Alarms 473 153 128 Locks 284 96 87 Cameras 205 313 325 Binocular equipment Tripods Stabilizers 178 73 87 163 100 108 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. 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 Total LCM applied to: Item Units Cost Market Individual Items Cost Market Car audio equipment

SEE MORE QUESTIONS

Recommended textbooks for you

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Contemporary Auditing

Accounting

ISBN:

9781337650380

Author:

KNAPP

Publisher:

Cengage

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Contemporary Auditing

Accounting

ISBN:

9781337650380

Author:

KNAPP

Publisher:

Cengage

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Pkg Acc Infor Systems MS VISIO CD

Finance

ISBN:

9781133935940

Author:

Ulric J. Gelinas

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS