CH $5$ Homework Problems

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Submit 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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If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory

account$\mathrm{.}1.$ 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.