Problem 6-5A Lower of cost or market LO P2 A physical inventory of Liverpool Company taken at December 31 reveals the fo

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Problem 6-5A Lower of cost or market LO P2
A physical inventory of Liverpool Company taken at December 31
reveals the following.
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.
If the market amount is less than the recorded cost of the
inventory, then record the LCM adjustment to the Merchandise
Inventory account.
Journal entry worksheet
Note: Enter debits before credits.