(Answered) Question - a physical inventory of helmke company taken at

Accounting

Question - A physical inventory of Helmke Company taken at December 31 reveals the following.

Item Units Cost Market

Audio equipment

Receivers 335 $90 $98

CD players 250 111 100

Mp3 players 316 86 95

Speakers 194 52 41

Video equipment

Handheld LCDs 470 150 125

VCRs 281 93 84

Camcorders 202 310 322

Car audio equipment

Satellite radios 175 70 84

CD/MP3 radios 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.

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