Question

In: Accounting

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

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

   

Per Unit
  Item Units Cost Market
   Audio equipment
       Receivers 345     $ 90    $ 98   
       CD players 260     111    100   
       MP3 players 326     86    95   
       Speakers 204     52    41   
  Video equipment
       Handheld LCDs 480     150    125   
       VCRs 291     93    84   
       Camcorders 212     310    322   
  Car audio equipment
       Satellite radios 185     70    84   
       CD/MP3 radios 170     97    105   
Required:
1.

Calculate the lower of cost or market for the inventory applied separately to each item.

Total LCM applied to

cost / Market Individual items
Total

Journal entry worksheet

Record LCM adjustment.

Note: Enter debits before credits.
Date General Journal Debit Credit
Dec 31

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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