1. Compute the lower of cost or market for the Inventory applied separately to each item....

  

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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 Merchandi account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the lower of cost or market for the inventory applied separately to each item. Per Unit Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total Units 345 260 326 204 480 291 212 185 170 Cost Market $ 90.00 $98.00 111.00 100.00 86.00 95.00 52.00 41.00 150.00 125.00 93.00 84.00 310.00 322.00 70.00 97.00 84.00 105.00 < Required 1 Cost Total Market Required 2 > LCM applied to: Individual Items Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Units 345 260 326 284 480 291 212 185 170 Cost $.90 111 86 52 150 93 310 70 97 Market $ 98 100 95 41 125 84 322 84 105 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers View transaction list Units 345 260 326 284 Record LCM adjustment. 480 291 212 Note: Enter debits before credits. Date December 31 185 170 Record entry Journal entry worksheet < 1 Cost $90 111 86 52 150 93 310 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. 70 97 Complete this question by entering your answers in the tabs below. Clear entry Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Market $98 100 95 41 General Journal 125 84 322 84 105 < Required 1 Debit Credit View general journal Required 2 > 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 Merchandi account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the lower of cost or market for the inventory applied separately to each item. Per Unit Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total Units 345 260 326 204 480 291 212 185 170 Cost Market $ 90.00 $98.00 111.00 100.00 86.00 95.00 52.00 41.00 150.00 125.00 93.00 84.00 310.00 322.00 70.00 97.00 84.00 105.00 < Required 1 Cost Total Market Required 2 > LCM applied to: Individual Items Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Units 345 260 326 284 480 291 212 185 170 Cost $.90 111 86 52 150 93 310 70 97 Market $ 98 100 95 41 125 84 322 84 105 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers View transaction list Units 345 260 326 284 Record LCM adjustment. 480 291 212 Note: Enter debits before credits. Date December 31 185 170 Record entry Journal entry worksheet < 1 Cost $90 111 86 52 150 93 310 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. 70 97 Complete this question by entering your answers in the tabs below. Clear entry Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Market $98 100 95 41 General Journal 125 84 322 84 105 < Required 1 Debit Credit View general journal Required 2 >

Answer rating: 100% (QA)

To calculate the lower of cost or market LCM for each item in the inventory we compare the cost and ... View the full answer