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Problem 6 - 5 A ( Algo ) Lower of cost or market LO P 2 A physical inventory of Liverpool Company taken at December
Problem A Algo Lower of cost or market LO P
A physical inventory of Liverpool Company taken at December reveals the following.
tableItemUnits,Per UnitCostMarketCar audio equipmentSpeakers$$ StereosAmplifiersSubwoofersSecurity equipmentAlarmsLocksCamerasBinocular equipmentTripodsStabilizers
Required:
Compute the lower of cost or market for the inventory applied separately to each item.
If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Inventory account.
Complete this question by entering your answers in the tabs below.
Required
Compute the lower of cost or market for the inventory applied separately to each item.
tableItemUnits,Per Unit,Total,LCM applied to:CostMarket,Cost,Market,,
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