6 Homework i Saved Help 5 A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit ost Market ts 340 255 321 199 $ 95 116 91 57 $103 105 100 46 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Book 155 475 286 207 98 130 89 327 315 Ferences 75 180 165 102 89 110 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM applied to: Individual Items Item Cost Units Market Market Cost Car audio equipment Speakers Stereo 95 $ 103 340 $ 255 116 105