A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market $ 99 101 336 251 317 195 $ 91 112 87 53 96 42 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 471 282 203 151 94 311 126 85 323 176 161 71 98 85 106 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. Total Per Unit Cost Market LCM applied to: Individual Items Item Units Cost Market 99 336 $ 251 91 $ 112 101 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms 317 87 96 195 53 42 471 151 126 Locks 282 94 85 203 311 323 Cameras Binocular equipment Tripods Stabilizers 71 85 176 161 98 106 Total Required 1 Required 2 Check m 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