Question

A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market 353 268 334Per Unit Cost Market Total Market LCM applied to: Individual Items Item Units Cost $ Car audio equipment Speakers Stereos AmpJournal entry worksheet Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31

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Answer #1
Per unit Total LCM applied to
Item Units Cost Market Cost Market Individual items
Car audio equipment
Speakers 353 108 116 38124 40948 38124
Stereos 268 129 119 34572 31892 31892
Amplifiers 334 104 113 34736 37742 34736
Subwoofers 212 70 60 14840 12720 12720
Security Equipment
Alarms 488 168 158 81984 77104 77104
Locks 299 111 101 33189 30199 30199
Cameras 220 330 340 72600 74800 72600
Binocular Equipment
Tripods 193 92 102 17756 19686 17756
Stabilizers 178 113 123 20114 21894 20114
Total 347915 346985 346985 335245
Debit Credit
Cost of goods sold 12670 =347915-335245
       Inventory 12670
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