Item units cost market car audio equipment speakers

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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 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 Required 1 Per Unit Total LCM app Item Units Cost Market Cost Market Car audio equipment Speakers 351 106 114 37206 40014 Stereos 266 127 117 33782 31122 Amplifiers 332 102 111 33864 36852 Subwoofers 210 68 58 14280 12180 Security equipment Alarms 486 166 156 80676 75816 Locks 297 109 99 32373 29403 Cameras 218 328 338 71504 73684 Binocular equipment Tripods 191 90 100 17190 19100 Stabilizers 176 111 121 19536 21296 Total 340411 339467
Required 2 Date General Journal Debit Credit Dec 31 Cost of goods sold 12590 Merchandise Inventory 12590 Question 7 67000 37000 For Year Ended December 31 Year 1 Year 2 Year 3 (a) Cost of goods sold 742000 972000 807000 (b) Net income 285000 292000 267000 (c) Total current assets 1264000 1377000 1247000 (d) Total equity 1404000 1597000 1262000 1. For each key financial statement figure—(a), (b), (c), and (d) below—prepare a table to show the adjust 2. What is the error in total net income for the combined three-year period resulting from the inventory e Required 1 2016 2017 218 Cost of goods sold: Reported amount 742000 972000 807000 Adjustments for12/31/2016 -67000 67000 12/31/2017 37000 -37000 Corrected amount 675000 1076000 770000 Net income: Reported amount 285000 292000 267000 Adjustments for12/31/2016 67000 -67000 12/31/2017 -37000 37000 Corrected amount 352000 188000 304000 Total current assets: Reported amount 1264000 1377000 1247000 Adjustments for12/31/2016 67000 12/31/2017 -37000 Corrected amount 1331000 1340000 1247000 Equity: Reported amount 1404000 1597000 1262000 Adjustments for12/31/2016 67000 12/31/2017 -37000 Corrected amount 1471000 1560000 1262000 Required 2 Error in total n 0 Navajo Company’s financial statements show the following. The company recently discovered that in mak
the answers. The answers are in a bold font. ales transactions for March. entory Balance Cost per uni entory Balance 53 10600 53 10600 58 15950 26550 53 0 58 6670 6670 53 0 58 6670 63 8505 15175 53 0 58 6670 63 8505 65 16250 31425 53 0 pecific identification. For specific identification, the March 9 sale consisted of 130 units from beginning invent
58 0 63 1260 65 16250 17510 17510 entory Balance Cost per uni entory Balance 53 10600 53 10600 58 15950 26550 53 6095 58 0 6095 53 6095 58 0 63 8505 14600 53 6095 58 0 63 8505 65 16250 30850 53 6095 58 0 63 8505 65 1300 15900 15900 entory Balance Cost per uni entory Balance 53 10600 53 10600 58 15950 55.89 26550 55.89 6427.89 55.89 6427.89 63 8505 59.73 14932.89 59.73 14932.89 65 16250 62.366 31182.89 62.37 16838.76
entory Balance Cost per uni entory Balance 53 10600 53 10600 58 15950

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