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.

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