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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 Units Cost Market Item Car audio equipment Speakers Stereos Amplifiers Subwoofers 337 92 $100 252 113 102 318 196 54 97 43 Security equipment Alarms Locks Cameras 472 152 127 283 95 204 312 324 86 Binocular equipment 86 Tripods Stabilizers 177 72 162 99 107 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 adjustm account. Complete this questions by entering your answers in the tabs below. Required 1 Required 2

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