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there are two parts to this Problem 6-5A (Algo)...

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Accounting

there are two parts to this
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Problem 6-5A (Algo) Lower of cost or market LO P2 253 114 89 55 103 98 A physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Item Units Cost Market Car audio equipment Speakers 338 $ 93 s 101 Stereos Amplifiers 319 Subwoofers 197 44 Security equipment Alarms 473 153 128 Locks 284 96 87 Cameras 205 313 325 Binocular equipment Tripods 178 73 87 Stabilizers 163 180 108 Required: 1. Compute 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 Compute the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM applied to: Cost Market Cost Items Car surnaninment Item Units Market Individual

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