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.

Q: provide answer please as per as posible fast and dont use ai

A: We can explain further as follows;1. Lower-of-Cost-or-Market (LCM) Valuation for Wildhorse Co.'s…

Q: Grouper had in beginning inventory 2,320 CDs with a unit cost of $7. During March, Grouper made the…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: 2012; the company sells just one product: Units Unit Cost Beginning Inventory 200 $50 Purchases:…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: Suggest the correct amount of inventory as on the statement of financial position in (i) and (iii)…

A:

Q: Inventory Costing: LIFO ilimonov Inc. has the following information related to purchases and sales…

A: LIFO stands for Last In First Out. Using LIFO, the newer inventory is sold out first and older…

Q: Inventory, Inventory Count, del 1st 2nd Зrd December 31 January 1 4 at $ 39 4 at $ 42 4 at $ 45 8 at…

A: periodic inventory system is method of inventory valuation which is common nowadays . This inventory…

Q: The Sheridan Company accumulates the following cost and net realizable value data at December 31.…

A: To calculate the lower-of-cost-or-net realizable value of the inventory, we need to compare the cost…

Q: Best Buy uses the lower-of-cost-or-net realizable value basis for its inventory. The following data…

A: According to IAS-2 “Valuation of inventory”, inventories are valued at lower of cost or net…

Q: Concord Video Center accumulates the following cost and net realizable data at December 31.…

A: The question is based on the concept of Financial Accounting.Inventory is usually recorded at the…

Q: Bramble Corp. accumulates the following cost and net realizable value data on December 31. Inventory…

A: We have the Cost and net realizable value for three Inventory Categories of Bramble Corp. as on…

Q: A company just starting business made the following four inventory purchases in June. Number of…

A: LIFO method is one of the methods of inventory valuation in which it is assumed that recent or new…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: FIFO Method:Under FIFO method using periodic inventory system, Value of ending inventory is…

Q: Wildhorse Co. accumulates the following cost and market data at December 31. Inventory Categories…

A: Lets understand the basics. As per IAS 2 "Inventory, inventory should be valued at lower of cost or…

Q: The following information pertains to the physical inventory of Electronics Unlimited taken at…

A: Lets understand the basics.As per IAS 2 "Inventory", inventory should be value at lower of cost or…

Q: Monty Corporation is a multi-product firm. The following information concerns one of its products,…

A: Under the periodic inventory system, a company counts its physical stocks at periodic intervals and…

Q: Best Buy uses the lower-of-cost-or-net realizable value basis for its inventory. The following data…

A: According to accounting standards  "inventory  valuation", inventory is valued at lower of cost or…

Q: Wildhorse Co. accumulates the following cost and market data on December 31. Inventory Categories…

A:

Q: Sheridan Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods…

A: Cost of goods sold is the total cost of units sold during the period. It is the difference between…

Q: Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at…

A: Inventory is valued in financial accounting at the lowest of cost or NRV. By using this method, the…

Q: Sunland Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The…

A: Lower of cost or net realizable value rule value states that the cost of the goods will be recorded…

Q: A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item…

A: Lets understand the basics. As per IAS 2 "Inventory", inventory needs to book at the year end at…

Q: Bonita Frame Camera Shop uses the lower of cost or net realizable value basis for its inventory. The…

A: The point where the highest indifference curve (U3) is tangent to the budget constraint (green line)…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory   30     $ 5     $…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Q: physical inventory of Liverpool Company taken at December 31 reveals the following.

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: Nigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Beginning inventory Purchases Sales 4,000 units at $4 8,500 units at $6 10,700 units at $9 Calculate…

A: Periodic inventory system is a method where cost of goods sold is not updated simultaneously. At…

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A: LCNRV means application of lower of cost or net realisable value in determining the value of…

Q: Need help please provide answer

A: 1) Inventory CategoryCostMarket ValueLower of cost or market…

Q: Flounder Corp. uses a periodic inventory system and reports the following for the month of June.…

A: Calculation of weighted average unit cost are as follows

Q: 1/1 1/20 7/25 10/20 1 Beginning Inventory Purchase Purchase Purchase 2 Units 130 650 130 390 1,300…

A: FIFO means the item which is received first will be sold out first. LIFO means the item which is…

Q: physical inventory of Liverpool Company taken at December 31 reveals the following.       Per Unit…

A: According To Accounting Standard “ Valuation of inventories ”  Inventory is valued at lower of cost…

Q: A physical inventory of Liverpool Company taken at December 31 reveals the following. Item Car audio…

A: LCNRV stands for "Lower of Cost or Net Realizable Value." It is an accounting principle used to…

Q: (a) Determine the ending inventory under the conven- tional retail method for the furniture…

A: a.

Q: 02:04 A physical inventory of Liverpool Company taken at December 31 reveals the following. Item Car…

A: The use of NRV guarantees that a company's financial statements accurately depict the potential…

Q: Need help

A: To get the total value of the company's ending inventory using the lower of cost or market method,…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.