Question

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 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
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...
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 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...
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...
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....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT