A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market 337 252 318 196 $ 92 113 88 54 $100 102 97 43 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 127 472 283 204 152 95 312 86 324 177 162 72 99 86 107 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. 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 questions 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 Cost Market Total Market Units Cost LCM applied to: Individual Items Item Car audio equipment Speakers 337 252 S - Stereos 92 S 100 113| 102 88 97 5443 196 Amplifiers Subwoofers Security equipment Alarms 127 Locks 472 283 204 - 152 95 312 324 Cameras Binocular equipment Tripods Stabilizers Total 177 162 72 86 107 99 Required 1 Required 2 > Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. View transaction list Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal