A physical inventory of Liverpool Company taken at December 31 reveals the following. Units Per Unit Cost Market 351 266 332 210 $106 127 102 68 $114 117 111 58 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 486 297 218 166 109 328 156 99 338 90 191 176 100 121 111 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 Units Cost Market Cost Market 351 $ 106 $ $ 114 266 127 117 332 102 111 210 68 58 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total 486 166 156 297 109 99 218 328 338 191 90 100 176 111 121 Journal entry worksheet 1 Record LCM adjustment. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general Journal