ItemCar audio equipmentSpeakersStereosAmplifiersSubwoofersSecurity equipmentAlarmsLocksCamerasBinocular equipmentTripodsStabilizersTotalUnits345260326204Per Unit185170Cost480 150.0029193.00212 310.00Market$90.00 $ 98.00111.00100.0086.0095.0052.0041.00125.0084.00322.0070.0084.0097.00 105.00CostTotal$ 31,050 $ 33,81028,86026,00028,03630,97010,6088,36472,00027,06365,720Market12,95016,49060,00024,44468,26415,54017,850LCM applied to:IndividualItems$90110

LCM = Lower of cost or market valueThe lower of cost or market rule states that a organization must…

Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total Units 345 260 326 204 480 291 212 185 170 Per Unit Cost $ 90.00 111.00 86.00 52.00 150.00 93.00 310.00 Market $98.00 100.00 95.00 41.00 125.00 84.00 322.00 70.00 84.00 97.00 105.00 Cost Total $ 31,050 $ 33,810 28,860 26,000 28,036 30,970 10,608 8,364 72,000 27,063 65,720 Market 12,950 16,490 60,000 24,444 68,264 15,540 17,850 LCM applied to: Individual Items $ 90 110

Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total Units 345 260 326 204 480 291 212 185 170 Per Unit Cost $ 90.00 111.00 86.00 52.00 150.00 93.00 310.00 Market $98.00 100.00 95.00 41.00 125.00 84.00 322.00 70.00 84.00 97.00 105.00 Cost Total $ 31,050 $ 33,810 28,860 26,000 28,036 30,970 10,608 8,364 72,000 27,063 65,720 Market 12,950 16,490 60,000 24,444 68,264 15,540 17,850 LCM applied to: Individual Items $ 90 110

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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