The following is information for Palmer Company. Cost of goods sold Year 3 $ 633,825 Year 2 $416,650 Ending inventory 97,400 87,750 Year 1 $ 381,300 92,500 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory? Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Inventory turnover Days' sales in inventory Numerator Denominator + Ration Use the above information to compute inventory turnover for Year 3, and its days' sales in Inventory at December 31, Year 3. Inventory turnover Days' sales in inventory Numerator Denominator Ratio Did Palmer improve its (a) inventory turnover from Year 2 to Year 3 and (b) days' sales in inventory from Year 2 to Year 37 (a) Did Palmer improve its inventory turnover from Year 2 to Year 37 (b) Did Palmer improve its days' sales in inventory from Year 2 to Year 37 A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 341 $ 96 $ 104 Stereos 256 117 106 Amplifiers 322 92 101 Subwoofers 200 58 47 Security equipment Alarms 476 156 131 Locks 287 99 90 Cameras 208 316 328 Binocular equipment Tripods 181 76 90 Stabilizers 166 103 111 Required: 1. Compute 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 Compute the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM apolled to: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the lower of cost or market for the inventory applied separately to each item. Per Unit Total Item Units Cost Market Cost Market Car audio equipment Speakers 341 $ 96 $ 104 Stereos 256 117 106 Amplifiers 322 92 101 Subwoofers 200 58 47 Security equipment Alarms 476 156 131 Locks 287 99 90 Cameras 208 316 328 Binocular equipment Tripods 181 76 90 Stabilizers 166 103 111 Total Required 1 Required 2 > LCM applied to: Individual Items 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 1 Record LCM adjustment. Note: Enter debits before credits Date December 31 General Journal Debit Credit