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2 required entires A physical inventory of Liverpool Company...

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Accounting

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A physical inventory of Liverpool Company taken at December 31 reveals the following, Per Unit Cost Market Units $104 125 349 264 330 208 $112 115 109 56 100 66 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 295 216 164 107 326 154 97 336 189 174 88 109 98 119 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 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 applied to: Item Units Cost Market Cost Market Individual Items Car audio equipment Speakers 349 $ 104 $ 112 Stereos 264 125 115 Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. View transaction list Journal entry worksheet

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