A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units

 
   

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A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market $105 107 342 257 323 201 $ 97 118 93 59 102 48 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 477 157 288 100 209317 132 91 329 182 167 77 104 91 112 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 Cost Market Total Market LCM applied to: Individual Items Item Units Cost Car audio equipment Speakers Stereos $ $ 342 257 323 201 97 118 93 59 105 107 102 48 Amplifiers Subwoofers Security equipment Alarms 477 288 Locks Cameras 209 Binocular equipment Tripods Stabilizers 182 167 – 104 112 Total Required 1 Required 2 > 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 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 Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal