Question

A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item...

A physical inventory of Liverpool Company taken at December 31 reveals the following.

Per Unit
Item Units Cost Market
Car audio equipment
Speakers 353 $ 108 $ 116
Stereos 268 129 119
Amplifiers 334 104 113
Subwoofers 212 70 60
Security equipment
Alarms 488 168 158
Locks 299 111 101
Cameras 220 330 340
Binocular equipment
Tripods 193 92 102
Stabilizers 178 113 123


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.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item...
A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 353 $ 108 $ 116 Stereos 268 129 119 Amplifiers 334 104 113 Subwoofers 212 70 60 Security equipment Alarms 488 168 158 Locks 299 111 101 Cameras 220 330 340 Binocular equipment Tripods 193 92 102 Stabilizers 178 113 123 Required: 1. Calculate the lower of cost or market for the inventory applied separately to each...
A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item...
A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 340 $ 95 $ 103 Stereos 255 116 105 Amplifiers 321 91 100 Subwoofers 199 57 46 Security equipment Alarms 475 155 130 Locks 286 98 89 Cameras 207 315 327 Binocular equipment Tripods 180 75 89 Stabilizers 165 102 110 Required: 1. Calculate the lower of cost or market for the inventory applied separately to each...
physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units...
physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 339 $ 94 $ 102 Stereos 254 115 104 Amplifiers 320 90 99 Subwoofers 198 56 45 Security equipment Alarms 474 154 129 Locks 285 97 88 Cameras 206 314 326 Binocular equipment Tripods 179 74 88 Stabilizers 164 101 109 Required: 1. Calculate the lower of cost or market for the inventory applied separately to each item....
Problem 6-5A Lower of cost or market LO P2 A physical inventory of Liverpool Company taken...
Problem 6-5A Lower of cost or market LO P2 A physical inventory of Liverpool Company taken at December 31 reveals the following.       Per Unit Item Units Cost Market Car audio equipment Speakers 354 $ 109 $ 117 Stereos 269 130 120 Amplifiers 335 105 114 Subwoofers 213 71 61 Security equipment Alarms 489 169 159 Locks 300 112 102 Cameras 221 331 341 Binocular equipment Tripods 194 93 103 Stabilizers 179 114 124 Required: 1. Calculate the lower of...
1. Calculate the lower of cost or market for the inventory applied separately to each item....
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. A physical inventory of Liverpool Company taken at December 31 reveals the following.       Per Unit Item Units Cost Market Car audio equipment Speakers 354 $ 109 $ 117 Stereos 269 130 120 Amplifiers 335 105 114 Subwoofers 213 71...
A physical inventory of Liverpool Company taken at December 31 reveals the following.    Per Unit...
A physical inventory of Liverpool Company taken at December 31 reveals the following.    Per Unit Item Units Cost Market Audio equipment Receivers 354 $ 109 $ 99 CD players 269 130 120 MP3 players 335 105 95 Speakers 213 50 61 Video equipment Handheld LCDs 489 134 159 VCRs 300 93 102 Camcorders 221 331 319 Car audio equipment Satellite radios 194 93 79 CD/MP3 radios 179 114 106 Required: 1. Calculate the lower of cost or market for...
A physical inventory of DEF Electronics taken at December 31 reveals the following data: ITEM UNITS...
A physical inventory of DEF Electronics taken at December 31 reveals the following data: ITEM UNITS ON HAND COST PER UNIT MARKET PER UNIT Audio Equipment    Receivers 345 $90 $98    CD Players 260 111 100    MP3 Players 326 86 95    Wireless Speakers 204 52 41 Video Equipment    Handheld LCDs 480 $150 $125    VCRs 291 93 84    Camcorders 212 310 322 Car Audio Equipment    Satellite Radios 185 $70 $84    CD/MP3 Radios 170...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT