A physical Inventory of Liverpool Company taken at December 31 reveals the following Per Unit Units Cost Market 354 269 335 $109 130 105 71 $117 120 114 61 213 Iten Car audio equipment Speakers Stereo Amplifiers Subwoofers Security equipment Alara Locks Cameras Binocular equipment Tripods Stabilizer 489 300 221 169 112 331 159 102 341 194 179 93 114 103 124 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 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 LCM applied to: Individual Items Market Cost Market 354 $ 109 117 269 130 120 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms 335 105 114 213 71 61 489 169 159 Locks 300 112 102 221 331 341 Cameras Binocular equipment Tripods Stabilizers 194 93 103 179 114 124 Total Journal entry worksheet