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Chapter 6 Inventories and Cost of Sales A physical inventory of Liverpool Company taken at...

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Chapter 6 Inventories and Cost of Sales A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Market Cost Units $ 98 100 95 41 3 Audio equipment $ 90 4 Receivers 5 CD players 8 MP3 players 7 Speakers 8 Video equipment 260 326 86 52 480 291 212 150 93 310 125 84 322 Handheld LCDs 0 VCRs 2 Car audio equipment 13 Satellite radios 14 CD/MP3 radios 185 170 70 97 84 105 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. Navajo Company's financial statements show the followine. The comn

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