A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units 335 250 316 194 $ 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 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 Car audio equipment Speakers 335 $ 90 $ 98 Stereos 250 111 100 Amplifiers 316 86 95 Subwoofers 194 52 41 Security equipment Alarms 470 150 125 Locks 281 93 84 Cameras 202 310 322 Binocular equipment Tripods 175 70 84 Stabilizers 160 97 105 Total Journal entry worksheet 1 > Record LCM adjustment. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal