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.

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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