A physical inventory of Liverpool Company taken at December 31 reveals the following. Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Units 345 260 326 204 480 291 212 185 170 Per Unit Cost $ 90 111 86 52 150 93 310 70 97 Market $98 100 95 41 125 84 322 84 105 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.

A physical inventory of Liverpool Company taken at December 31 reveals the following. Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Units 345 260 326 204 480 291 212 185 170 Per Unit Cost $ 90 111 86 52 150 93 310 70 97 Market $98 100 95 41 125 84 322 84 105 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.

Name: A physical inventory of Liverpool Company taken at December 31 reveal
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Description: A physical inventory of Liverpool Company taken at December 31 reveals the following.ItemCar audio equipmentSpeakersStereosAmplifiersSubwoofersSecurity equipmentAlarmsLocksCamerasBinocular equipmentTripodsStabilizersUnits345260326204480291212185170P

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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03:02:04 A physical inventory of Liverpool Company taken at December 31 reveals the following. Item Car audio equipment Speakers Stereos Amplifiers. Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Required 1 No Units 1 336 251 317 195 Date 471 282 203 December 31 176 161 Per Unit Cost $.91 112 87 53 151 94 311 71 98 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. Market Complete this question by entering your answers in the tabs below. 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. $.99 101 96 42 126 85 323 Cost of goods sold Merchandise inventory 85 106 Answer is complete but not entirely correct. < Required 1 General Joumal Required 2 ✔ Debit 266,419…
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