A physical inventory of Liverpool Company taken at December 31 reveals the following. Per audio equipment Speakers345$90 $98 Stereos260 111 100 Amplifiers326 86 95 Subwoofers204 52 41 Security equipment Alarms480 150 125 Locks291 93 84 Cameras212 310 322 Binocular equipment Tripods185 70 84 Stabilizers170 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. Calculate the lower of cost or market for the inventory applied separately to each item. Per UnitTotalLCM applied to: Individual ItemsCar audio equipment Speakers345$90$98 Stereos260111.00100.00 Amplifiers32686.0095.00 Subwoofers20452.0041.00 Security equipment Alarms480150.00125.00 Locks29193.0084.00 Cameras212310.00322.00 Binocular equipment Tripods18570.0084.00 Stabilizers17097.00105.00 Total Journal entry worksheetRecord LCM adjustment. Note: Enter debits before credits. DateGeneral Journal DebitCredit Dec 31

Georgia orchards produced a good crop of peaches this year. after preparing the following income statement, the company is concerned about the net loss on its no. 3 peaches. georgia orchards income statement for year ended december 31, 2017 no. 1 no. 2 no. 3 combined sales (by grade) no. 1: 300,000 ibs. @ $1.50/lb $ 450,000 no. 2: 300,000 ibs. @ $1.00/lb $ 300,000 no. 3: 750,000 ibs. @ $0.25/lb $ 187,500 total sales $ 937,500 costs tree pruning and care @ $0.30/ib 90,000 90,000 225,000 405,000 picking, sorting, and grading @ $0.15/ib 45,000 45,000 112,500 202,500 delivery costs 15,000 15,000 37,500 67,500 total costs 150,000 150,000 375,000 675,000 net income (loss) $ 300,000 $ 150,000 $ (187,500 ) $ 262,500 in preparing this statement, the company allocated joint costs among the grades on a physical basis as an equal amount per pound. the company’s delivery cost records show that $30,000 of the $67,500 relates to crating the no. 1 and no. 2 peaches and hauling them to the buyer. the remaining $37,500 of delivery costs is for crating the no. 3 peaches and hauling them to the cannery. required: 1. prepare reports showing cost allocations on a sales value basis to the three grades of peaches. separate the delivery costs into the amounts directly identifiable with each grade. then allocate any shared delivery costs on the basis of the relative sales value of each grade. (do not round intermediate calculations.)