A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 347 $ 102 $ 110 Stereos 262 123 113 Amplifiers 328 98 107 Subwoofers 206 64 54 Security equipment Alarms 482 162 152 Locks 293 105 95 Cameras 214 324 334 Binocular equipment Tripods 187 86 96 Stabilizers 172 107 117 Required: 1. Compute 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 Compute the lower of cost or market for the inventory applied separately to each item. Item Per Unit Total Units Cost Market Cost Market Car audio equipment Speakers 347 $ 102 $ 110 Stereos 262 123 113 Amplifiers 328 98 107 Subwoofers 206 64 54 54 Security equipment Alarms 482 162 152 Locks 293 105 95 Cameras 214 324 334 Binocular equipment Tripods 187 86 96 Stabilizers 172 107 117 Total LCM applied to: Individual Items 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 1 Record LCM adjustment. Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry