A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Market Units Cost Item Car audio equipment Speakers 335 250 316 194 $ 90 111 86 52 $ 98 100 95 41 Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 470 281 202 150 93 310 125 84 322 175 160 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 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 335 $ 90 $ 98 250 111 100 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms 316 86 95 194 52 41 470 150 125 84 Locks 281 93 Cameras 202 310 322 Binocular equipment Tripods Stabilizers 175 70 84 160 97 105 Total Required 1 Required 2 > Complete this question by entering your answers in the tabs below. 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 Required: 1. For each key financial statement figure-(a), (b), (c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the error in total net income for the combined three-year period resulting from the inventory errors? Error in total net income of three years