A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers Stereos 335 $ 90 $ 98 250 111 100 Amplifiers Subwoofers 316 86 95 194 52 41 Security equipment Alarms Locks 470 150 125 281 93 84 Cameras 202 310 322 Binocular equipment Tripods Stabilizers 175 70 84 160 97 105 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.

A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers Stereos 335 $ 90 $ 98 250 111 100 Amplifiers Subwoofers 316 86 95 194 52 41 Security equipment Alarms Locks 470 150 125 281 93 84 Cameras 202 310 322 Binocular equipment Tripods Stabilizers 175 70 84 160 97 105 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.

Name: SavedA physical inventory of Liverpool Company taken at December 31 r
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Description: SavedA physical inventory of Liverpool Company taken at December 31 reveals the following.Per UnitItemCar audio equipmentUnitsCostMarketSpeakers335$ 90$ 98100Stereos250111AmplifiersSubwoofers31686951945241Security equipmentAlarms470150125Locks281938

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.12E: Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless...

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A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 351 $ 106 $ 114 Stereos 266 127 117 Amplifiers 332 102 111 Subwoofers 210 68 58 Security equipment Alarms 486 166 156 Locks 297 109 99 Cameras 218 328 338 Binocular equipment Tripods 191 90 100 Stabilizers 176 111 121 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. Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM applied to: Item Units Cost Market Cost Market Individual Items Car audio…
The following detail of transactions and balances were extracted from the records of Wasp Manufacturers a company manufacturing gas lights. The company make use of the periodic inventory system. During the year 20 400 units were completed.The company are registered for VAT and the VAT rate is 15%.01/07/20.1930/06/20.20Inventory - completed units:2 720 units? unitsBalancesInventory:RRRaw materials123 900151 600Work in progress75 45072 650Indirect materials1 3002 450The following information was obtained from the trial balance on 30 June20.1920.20Factory equipment720 800910 000Accumulated depreciation – factory equipment250 200290 250The following information was obtained from the trial balance on 30 JuneDebitCreditPurchases of raw materials (on credit)485 300Raw materials returned25 100Freight costs: raw materials15 600Indirect materials purchased (on credit)17 400Depreciation (note 8)?Railage on sales16 800Salaries and wages (note 1)525 200Insurance claim for damaged goods (note 3)3…
A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 350 $ 105 $ 113 Stereos 265 126 116 Amplifiers 331 101 110 Subwoofers 209 67 57 Security equipment Alarms 485 165 155 Locks 296 108 98 Cameras 217 327 337 Binocular equipment Tripods 190 89 99 Stabilizers 175 110 120 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.
Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories (in millions) in the notes to recent financial statements: a.Why does Qualcomm report three different inventories? b. What costs are included in each of the three inventory accounts?
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The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
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The following detail of transactions and balances were extracted from the records of Wasp Manufacturers a company manufacturing gas lights. The company make use of the periodic inventory system. During the year 20 400 units were completed.The company are registered for VAT and the VAT rate is 15%. 01.07.2019 Factory Equipment R720 800/ Accumulated depreciation R250 200 30.06.2020 Factory Equipment R910 000/ Accumulated depreciation R290 250 The depreciation rate on factory equipment is R5,50 per unit produced on all factory equipment. During the year equipment with a cost of R150 800 and accumulated depreciation on 1 July 20.19 of R62 800 were sold at a loss of R4 800. This equipment produced 1 700 units during the current financial year until it was sold. These units are included in the total number of units given above. New factory equipment was purchased on the 1 September 20.19. Calculate depreciation
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