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Per Unit Market Item Units Cost Car audio equipnent Speakers Stereos Amplifiers Subwoofers 346 $101 $1e9 261 122 112 327 97 186 205 63 53 Security equiprent Alarms Locks Cameras Binocular equipnent Tripods Stabilizers 481 161 151 292 184 94 213 323 333 186 85 95 171 105 116 Required: 1. Calculate the lower of cost or market for the inventory spplied seporately to esch item. 2 If the market emount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory occount. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM appled to: Indhddunl

Per Unit Market Item Units Cost Car audio equipnent Speakers Stereos Amplifiers Subwoofers 346 $101 $1e9 261 122 112 327 97 186 205 63 53 Security equiprent Alarms Locks Cameras Binocular equipnent Tripods Stabilizers 481 161 151 292 184 94 213 323 333 186 85 95 171 105 116 Required: 1. Calculate the lower of cost or market for the inventory spplied seporately to esch item. 2 If the market emount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory occount. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM appled to: Indhddunl

FINANCIAL ACCOUNTING
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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A physical inventory of Liverpool Company taken at December 31 revesls the following. Per Unit Cost Market Item Car audio equipnent Speakers Units 346 $101 $189 Stereos 261 122 112 Amplifiers Subwoofers 327 97 186 205 63 53 Security equiprent Alarms 481 161 151 Locks 292 184 94 323 Cameras Binocular equipnent Tripods Stabilizers 213 333 186 85 95 171 105 116 Required: 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 Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM appled to: Individual Itema Item Unite Cost Market Cost Market Car audio equipment Speakers 346 S 101 109 Stereas 261 122 112 Amplifiers 327 97 106 Subwoofers 205 63 53 Security equipment Alarms 481 161 151 Lacks 292 104 94 Cameras 213 323 333 Binocular equipment Tripods 186 85 95 Stabilizers 171 106 116 Total < Required 1 Required 2 >
Transcribed Image Text:A physical inventory of Liverpool Company taken at December 31 revesls the following. Per Unit Cost Market Item Car audio equipnent Speakers Units 346 $101 $189 Stereos 261 122 112 Amplifiers Subwoofers 327 97 186 205 63 53 Security equiprent Alarms 481 161 151 Locks 292 184 94 323 Cameras Binocular equipnent Tripods Stabilizers 213 333 186 85 95 171 105 116 Required: 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 Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM appled to: Individual Itema Item Unite Cost Market Cost Market Car audio equipment Speakers 346 S 101 109 Stereas 261 122 112 Amplifiers 327 97 106 Subwoofers 205 63 53 Security equipment Alarms 481 161 151 Lacks 292 104 94 Cameras 213 323 333 Binocular equipment Tripods 186 85 95 Stabilizers 171 106 116 Total < Required 1 Required 2 >
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