Per Unit Iten Unite Cont Car audio equipment Speakers Stereos 341 $.96 256 117 Amplifiers 322 92 Subwoofers 200 58 47 Security equipment Alarma 476 156 131 Locks 207 99 90 Cameras 208 316 328 Binocular equipment Tripods 101 76 90 Stabilizers 166 103 111 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 $ 104 106 101

Per Unit Iten Unite Cont Car audio equipment Speakers Stereos 341 $.96 256 117 Amplifiers 322 92 Subwoofers 200 58 47 Security equipment Alarma 476 156 131 Locks 207 99 90 Cameras 208 316 328 Binocular equipment Tripods 101 76 90 Stabilizers 166 103 111 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 $ 104 106 101

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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