Speakers 31004 33700 31004 of2 1 ebook references 122

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Speakers337$92$100$31,004$33,700$31,004of21
eBookReferences12/2points awardedScoredExplanationCP#114/4 Total poSubmittedRequired: 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 Inventoryaccount. Complete this questions by entering your answers in the tabs below.Calculate the lower of cost or market for the inventory applied separately to each item.Required 1Required 2Per UnitTotalLCM applied to:ItemUnitsCostMarketCostMarketEntireInventoryIndividualItemsCar audioequipmentSpeakers337$92$100$31,004$33,700$31,004Stereos25211310228,47625,70425,704Amplifiers318889727,98430,84627,984Subwoofers196544310,5848,4288,428Security equipmentAlarms47215212771,74459,94459,944Locks283958626,88524,33824,338Cameras20431232463,64866,09663,648BinocularequipmentTripods177728612,74415,22212,744Stabilizers1629910716,03817,33416,038Total$289,107$281,612$281,612$269,832of21
eBookReferences12/2points awardedScoredExplanation1.Per UnitItemUnits Cost MarketTotal CostTotal MarketLCMapplied to ItemsCar audio equipmentSpeakers337$92$100$ 31,004$33,700$ 31,004Stereos25211310228,47625,70425,704Amplifiers318889727,98430,84627,984Subwoofers196544310,5848,4288,428SititCP#114/4 Total poSubmitted2.If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventoryaccount. Complete this questions by entering your answers in the tabs below.If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the MerchandiseInventory account.Required 1Required 2NoDateGeneral JournalDebitCredit1Dec 31Cost of goods sold19,275Merchandise inventory19,275of21
eBookReferences12/2points awardedScoredExplanation1.Per UnitItemUnits Cost MarketTotal CostTotal MarketLCMapplied to ItemsCar audio equipmentSpeakers337$92$100$ 31,004$33,700$ 31,004Stereos25211310228,47625,70425,704Amplifiers318889727,98430,84627,984Subwoofers196544310,5848,4288,428Security equipmentAlarms47215212771,74459,94459,944Locks283958626,88524,33824,338Cameras20431232463,64866,09663,648Binocular equipmentTripods177728612,74415,22212,744Stabilizers1629910716,03817,33416,038Total$289,107$269,832Lower of cost or market for inventory applied separately = $269,8322. To adjust inventory cost to market. $19,275 = $289,107 $269,832CP#114/4 Total poSubmittedof21
eBook2/2points awardedScoredExplanationNavajo Company’s financial statements show the following. The company recently discovered that in making physical counts ofinventory, it had made the following errors: Inventory on December 31, 2016, is understated by $62,000, and inventory on December31, 2017, is overstated by $32,000. For Year Ended December 31201620172018(a)Cost of goods sold$737,000$967,000$802,000(b)Net income280,000287,000262,000(c)Total current assets1,259,0001,372,0001,242,000(d)Total equity1,399,0001,592,0001,257,000Required:1.For each key financial statement figure—(a), (b), (c), and (d) below—prepare a table to show the adjustments necessary to correct thereported amounts. 2.What is the error in total net income for the combined three-year period resulting from the inventory errors? References2CP#114/4 Total poSubmitted

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