Inventory

QUESTION 6: 8 POINTS - LCM Novelty Retail Company sells T-shirts and various accessory items related to pop culture. Since trends change the market price for items also changes. Review the book cost and market cost for Novelty's inventory items and prepare the necessary LCM adjustment. # of units Book unit Inventory Item (Quantity) cost Market unit cost Inventory Item # of units Book unit (Quantity) cost Market unit cost Lakers Jerseys 500 $10 $15 AMONG US stickers 1,000 $1 $2 Call Of Duty Shirts 750 $4 $9 AZ Cardinals Hats 500 $6 $5 Pokeman Socks 250 $5 $3 250 $5 Socks $3 * REQUIRED** Calculate and Prepare (in proper format) the LCM jour entry needed based on the table above. Show your wort You can assume the date is 12/31. You can also assume this was relatively immaterial amount compared to overall COGS