A physical Inventory of Liverpool Company taken at December 31 reveals the following Per Unit Cost Market Units $ 98 335 250 316 194 $ 90 111 86 52 100 95 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 470 281 2e2 150 93 310 125 84 322 175 160 78 97 84 185 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 question 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 Per Unit Total LCM applied to Individual Item Units Cost Market Cost Market Items Car audio equipment Speakers 335 $ 90 $ 98 Stereos 250 111 100 Amplifiers 316 86 95 Subwoofers 194 52 41 Security equipment Alarms 470 150 125 Locks 281 93 84 Cameras 202 310 322 Binocular equipment Tripods 175 70 84 Stabilizers 160 97 105 Total Seminole Company began the year with 29,500 units of product in its January 1 inventory costing $16 90 each It made purchases of its product during the year as follows The company uses a periodic inventory system On December 31, a physical count reveals that 54,000 units of its product remain in inventory Mar May Aug Nov 7 47,000 units $19 90 each 25 49,000 units $23 90 each 1 39,000 units $25 99 each 10 42,500 units $28 90 each Required 1 Compute the number and total cost of the units available for sale during the year 2 Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (6) LIFO, and (c) weighted average Complete this question by entering your answers in the tabs below Required 1 Required 2 Compute the number and total cost of the units available for sale during the year 42,500 units Total units available for sale Total cost of units available for sale Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average (Do not round intermediate calculations Round the final answers to nearest whole dollars ) (a) FIFO Periodic (b) LIFO Periodic (c) Weighted Average Periodic Total cost of units available for sale Less ending inventory Cost of units sold $ 0 $ 0 0

Question

A physical Inventory of Liverpool Company taken at December 31 reveals the following  Per Unit Cost Market Units $ 98 335 250 316 194 $ 90 111 86 52 100 95 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 470 281 2e2 150 93 310 125 84 322 175 160 78 97 84 185 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 question 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  Per Unit Total LCM applied to  Individual Item Units Cost Market Cost Market Items Car audio equipment Speakers 335 $ 90 $ 98 Stereos 250 111 100 Amplifiers 316 86 95 Subwoofers 194 52 41 Security equipment Alarms 470 150 125 Locks 281 93 84 Cameras 202 310 322 Binocular equipment Tripods 175 70 84 Stabilizers 160 97 105 Total Seminole Company began the year with 29,500 units of product in its January 1 inventory costing $16 90 each  It made purchases of its product during the year as follows  The company uses a periodic inventory system  On December 31, a physical count reveals that 54,000 units of its product remain in inventory  Mar  May Aug  Nov  7 47,000 units   $19 90 each 25 49,000 units   $23 90 each 1 39,000 units   $25 99 each 10 42,500 units   $28 90 each Required  1  Compute the number and total cost of the units available for sale during the year  2  Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (6) LIFO, and (c) weighted average  Complete this question by entering your answers in the tabs below  Required 1 Required 2 Compute the number and total cost of the units available for sale during the year  42,500 units Total units available for sale Total cost of units available for sale Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average  (Do not round intermediate calculations  Round the final answers to nearest whole dollars ) (a) FIFO Periodic (b) LIFO Periodic (c) Weighted Average Periodic Total cost of units available for sale Less ending inventory Cost of units sold $ 0 $ 0 0

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A physical Inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units $ 98 335 250 316 194 $

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