A physical inventory of Liverpool Company taken at December 31 reveals the following. Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Required 1 4 Required 2 Item Units Cost t 350 $105 265 126 331 101 209 67 485 296 217 Units Per Unit 190 175 Required: 1. Calculate the lower of cost or market for the inventory applied separately 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. 165 108 327 Complete this question by entering your answers in the tabs below. 89 110 Cost Market Calculate the lower of cost or market for the inventory applied separately to each item. $113 116 110 57 Per Unit 155 98 337 99 120 Market Cost Total Market LCM applied to: Individual Items

Calculate the lower of cost or market for the inventory applied separately to each item. Journal entry worksheet A physical inventory of Liverpool Company taken at December 31 reveals 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 inventify, then record the LCM adjustment to the Merchandise inventory account. Complete this question by entering your answers in the tabs below. Calculate the lower of cost or market for the inventory applied separately to each item