A physical Inventory of Liverpool Company taken at December 31 reveals the following. Units Per Unit Cost Market 98994 $102 115 104 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Seourity equipment Alarma Looks Cameras Binooular equipment Tripods Stabilizers 200 914 164 101 109 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 Cost Market Total Market LCM applied to: Individual Items Item Units Cost Car audio equipment Speakers 339 $ 94 Stereos Amplifiers Subwoofers Security equipment 88 Alarms Locks Cameras Binocular equipment Tripods 74 101 Stabilizers 104 109 Total Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits. Date General Journal | Debit Credit Dec 31