A physical Inventory of Liverpool Company taken at December 31 reveals the following per Units Cost Market 339 94 254 115 320 90 198 56 5102 104 99 Tten Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alaras Locks Caneras Binocular equipment Tripods Stabilizers 474 285 129 154 97 314 200 326 170 164 74 101 BB 109 Required: 1. Calculate the lower of cost or market for the inventory applied deparately 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 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total Item Units Cost Market LCM applied to Individual Items Cost Market 339 $ 94 $ 102 104 254 115 320 90 99 198 56 45 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total 474 154 129 285 97 B8 206 314 326 179 74 88 164 101 109 Required 2 > Journal entry worksheet