A physical inventory of Liverpool Company taken at December 31 revesls the following.Per UnitCost MarketItemCar audio equipnentSpeakersUnits346$101$189Stereos261122112AmplifiersSubwoofers327971862056353Security equiprentAlarms481161151Locks29218494323CamerasBinocular equipnentTripodsStabilizers2133331868595171105116Required:1. Calculate the lower of cost or market for the inventory spplied separately to eoch item.2. If the market smount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventoryaccount.Complete this question by entering your answers in the tabs below.Required 1Required 2Calculate the lower of cost or market for the inventory applied separately to each item.Per UnitTotalLCM appled to:IndividualItemaItemUniteCostMarketCostMarketCar audio equipmentSpeakers346 S101109Stereas261122112Amplifiers32797106Subwoofers2056353Security equipmentAlarms481161151Lacks29210494Cameras213323333Binocular equipmentTripods1868595Stabilizers171106116Total< Required 1Required 2 >

The LCM method is used to apply lower cost (cost or market) to the inventory.

Answered: Per Unit Market Item Units Cost Car…

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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Use the lower-of-cost-or-market rule to determine the value (in $) of the following inventory for Save-Mor Merchandisers. Item Qty Cost Market Valuation Basis Amount Raincoats 470 $82 $52 $ Birdcages 315 50 38 Radios 222 45 44 Calculators 377 14 17 Video Games 467 30 23 Total Value of Inventory $
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1. Univ Company has the policy of valuing inventory at the lower of cost and NRV. Data pertaining to its products are as follows: AAA BBB СС Estimated selling price/unit P3,000 P2,000 P2,500 Estimated cost to sell/unit 600 400 500 Cost per unit 2,500 1,500 1,300 Number of units (in 50kilo bags) 200 500 250 How much inventory should be shown in Univ's December 31, statement of financial position?
Use the lower-of-cost-or-market rule to determine the value (in $) of the following inventory for Save-Mor Merchandisers. Item Qty Cost Market Valuation Basis Amount Raincoats 470 $84 $54 $ Birdcages 315 50 38 Radios 222 47 46 Calculators 377 14 17 Video Games 467 40 33 Total Value of Inventory $
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Lower-of-Cost-or-Market InventoryOn the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. ProductInventoryQuantityUnitCost PriceUnitMarket Value per Unit(Net Realizable Value)Model A300$140$125Model B50090112Model C1506059Model D800120115Model E400140145 Inventory at the Lower of Cost or MarketProductTotal CostTotal MarketLower of Total Cost or Total MarketA$$$B C D E Total$$$
eBook Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Item Inventory Quantity JFW1 Show Me How SAWS Feedback 157 Check My Work Cost per Unit C $50 Market Value per Unit (Net Realizable Value) $53 22 Check My Work Under lower-of-cost-or-market, for each item in inventory, choose the lower of total cost price or the total market price as the assigned value for computing inventory cost. First you must compute the total cost and total market for each item. All work saved. Email Instructor A Save and Exit < Submit Assign
Ames Trading Co. has the following products in its ending inventory. Market per Unit $ 550 Quantity Cost per Unit $ 600 35e Product Mountain bikes 11 Skateboards 13 425 Gliders 26 800 700 Compute lower of cost or market for inventory applied separately to each product. Per Unit Total LCM applied to Inventory Items Units Cost Market Cost Market each product Mountain bikes 2$ $ Skateboards Gliders 24
On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y 144 $22 $27 TX24 274 11 7 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.
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