A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers Stereos $ 93 338 $ 101 253 114 103 Amplifiers Subwoofers Security equipment Alarms 319 89 98 197 55 44 473 153 128 Locks 284 96 87 Cameras Binocular equipment Tripods Stabilizers 205 313 325 178 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.

A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers Stereos $ 93 338 $ 101 253 114 103 Amplifiers Subwoofers Security equipment Alarms 319 89 98 197 55 44 473 153 128 Locks 284 96 87 Cameras Binocular equipment Tripods Stabilizers 205 313 325 178 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.

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...

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The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Product Audio equipment: Wireless audio receivers Touchscreen MP3 players Audio mixers Audio stands Video equipment: Televisions 5GB video cards Satellite video recorders Car equipment: GPS navigators Double-DIN Car Deck with iPod/iPhone Control and Aux Input Required: 1. Calculate the LCNRV for the: a. inventory by major group b. inventory, applied separately to each product. Inventory Items Audio equipment Wireless audio receivers Touchscreen MP3 players Audio mixers Audio stands Subtotal Video equipment: Televisions 1GB video cards Satellite video recorders Subtotal Units on Hand Units on Hand 325 240 306 184 460 271 192 460 271 192 165 150 325 $ 240 306 184 Cost Per Unit Cost 245 163 605 $191 195 185 77 245 163 605 Per Unit 163 205 191 $ 195 185 77 NRV $180 215 169 95 NRV 290 175 610 137 190 180 215 169 95 290 175 610 Total cost $ $ 0 Total NRV $ 0 $ 0 0 LCNRV applied to: a.…
The Ogale Equipment Corporation maintains a general ledger account for each class of inventory, debiting the individual accounts for increases during the period and crediting them for decreases. The transactions that follow are for the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. 2. 3. 4. 5. 6. 7. An invoice for $8,100, terms f.o.b. destination, was received and entered on January 2, 2021. The receiving report shows that the materials were received on December 28, 2020. Materials costing $7,300 were returned to the supplier on December 29, 2020, on f.o.b. shipping point terms. The returns were entered into Ogale's general ledger on December 28, even though the returned items did not arrive at the vendor's office until January 6, 2021. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2020, because they were in a railroad car on the company's siding on that date and…
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Required Information [The following information applies to the questions displayed below) The following data is provided for Garcon Company and Pepper Compeny for the year ended December 31. Garcon Company $12,100 15, e Pepper Company $18,55e 21,7 10,s00 14,40 25, 20,400 .0 25,3 22, 00 20,0 7,000 12,25e 47,000 34,620 1, Finished goods inventory, beginning Mork in process inventory, beginning Raw naterlals lnventory, beginning Rental cost on factory equlpeent Direct labor 11,250 intshed goods inventory, ending Mork in process ineeetory, ending Ran naterials inventory, ending Factory utilities General and adeanistrative expenses Indirect labor Repairs-factory equipeent Raw naterials purchases Selling expenses Sales Cash Accounts receivable, net 17,4s0 7.000 13,35e 34, 14,95e 5,420 43,500 271,60 2,4 29,20 22,e 13,200 1. Complete the table to find the cost of goods manufsctured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the toble to calculate the…
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