A physical inventory of Liverpool company taken at December 31 revealed the following.

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.

A physical inventory of Liverpool Company taken at December 31 reveals the following. Units Per Unit Cost Market $103 105 340 255 321 199 $ 95 116 91 57 100 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 475 286 207 155 98 315 130 89 327 180 165 75 102 89 110 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. Complete this questions by entering your answers in the tabs below. sters 4&5 0 Saved Help Save & 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. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Total Per Unit Cost Market LCM applied to Individual Items Item Units Cost Market 340 $ 95 103 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment 255 321 116 91 105 100 199 57 46 LOILUIOLE C My apicuaca acery w Per Unit Total LCM applied to: Individual Items Item Units Cost Market Cost Market 95 $ 103 340 $ 255 116 321 91 105 100 46 199 57 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 475 130 286 155 98 315 89 207 327 180 75 89 110 165 102 Total Required 2 > Required 1 Required 2 if the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. View transaction list Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits. Debit Credit General Journal Date Dec 31 1 Next