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

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Accounting

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A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Unit Cost Market 340 255 5 95 116 91 57 321 199 $103 105 100 46 Iten Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Look Cameras Binocular equipment Tripods Stabilizer 475 286 207 155 90 315 130 89 327 180 165 75 202 89 110 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 Per Unit Total LCM applied to: Individual Items Item Units Cost Market Cost Markat 340 $ 103 95 $ 116 255 105 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms 321 91 100 199 57 46 475 155 130 + Locks 286 98 89 Cameras 207 315 327 . Binocular equipment Tripods Stabilizers 180 75 89 165 102 110 Total Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31

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