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

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Accounting

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

Per Unit
Item Units Cost Market
Car audio equipment
Speakers 339 $ 94 $ 102
Stereos 254 115 104
Amplifiers 320 90 99
Subwoofers 198 56 45
Security equipment
Alarms 474 154 129
Locks 285 97 88
Cameras 206 314 326
Binocular equipment
Tripods 179 74 88
Stabilizers 164 101 109

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.

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