Business, 13.11.2019 23:31 TroyClegg

Aphysical inventory of liverpool company taken at december 31 reveals the following.
- per unit
item units cost market
car audio equipment
speakers 351 $ 106 $ 114
stereos 266 127 117
amplifiers 332 102 111
subwoofers 210 68 58
security equipment
alarms 486 166 156
locks 297 109 99
cameras 218 328 338
binocular equipment
tripods 191 90 100
stabilizers 176 111 121
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 reord the lcm adjustment to the merchandise inventory account.

Answers: 1

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Aphysical inventory of liverpool company taken at december 31 reveals the following.
- per un...