A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units 345 260 326 204 $ 90 111 86 52 $ 98 100 95 41 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 480 291 212 150 93 125 84 322 ces 185 170 70 97 84 105 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 Invent account Complete this question by entering your answers in the tabs below. Ronnier Renur? Prov 2 of 2 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 Inv account Complete this question by entering your answers in the tabs below. ok 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. nat ences View transaction list Journal entry worksheet 1 Record LCM adjustment. Notar Enter debits before credits