A physical inventory of Liverpool Company taken at December 31 reveals the following. 112*? am am m-t ram! :odm cm momma nmzw :w .1113] 216983;? n-r-?OEf-tlil?idi' vii 1 Per Unit 2 Item Units Cost Market 3 Audio equipment 4 Receivers 345 S 90 S 98 5 CD players 260 111 100 6 MP3 players 326 86 95 7 Speakers 204 52 41 a Video equipment 9 Handheld L005 480 150 125 10 VCRs 291 93 84 11 Camcorders 212 310 322 12 Car audio equupment 13 Satellite radios 185 70 84 14 CD/MP3 radios 170 97 105 15 KOON?~"??'A.M-?/9~'3/ l-l l -l|"' D Required 1. Calculate the lower of cost or market for the inventory applied separately to each item. Check (1) $273,054 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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