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1 Problem 5-5A Lower of cost or market LO P2 A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market Book 345 260 326 204 $ 90 111 86 52 $ 98 100 95 41 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Print 400 291 212 150 93 310 125 84 322 erences 185 170 70 97 84 105 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 questions by entering your answers in the below tabs. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM applied to: Item Units Cost Market Cost Market Individual Items Car audio equipment Speakers 3455 90s se 11 Complete this questions by entering your answers in the below tabs. 5 points Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Book Total Per Unit Cost Market LCM applied to: Individual Hems Item Units Cost Market Print References 345 S 90 $ 98 260 111.00 100.00 326 36.00 950D 204 52.00 41.00 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Narms Locke Cameras Binocular egent Tripods Stabilizers Total 480 291 212 150.00 93.00 125.00 84.00 322.00 310.00 185 70.00 84.00 170 97.00 105.00 Required Required 2 > Required 1 Required 4 1 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise in account. View transaction list Journal entry worksheet Ook

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