A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit...
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A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market Item Car audio equipment Speakers Stereos Amplifiers Subwoofers 345 $100 $108 260 121 326 204 110 105 51 96 62 Security equipment Alarms Locks Cameras 480 160 135 291 103 212 320 332 94 Binocular equipment Tripods Stabilizers 185 170 107 94 115 80 Required: 1. Calculate the lower of cost or market for the inventory applied separately to each item. 2. the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account Complete this questions by entering your answers in the tabs below
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