A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 350 $105 $113 Stereos 265 126 116 Amplifiers 331 101 110 Subwoofers 209 67 57 Security equipment Alarms 485 165 155 Locks 296 108 98 Cameras 217 327 337 Binocular equipment Tripods 190 89 99 Stabilizers 175 110 120 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 Mercha account. search Complete this question by entering your answers in the tabs below. Required 1 Required 2 < Prev 2 of 5 Next > Calculate the lower of cost or market for the inventory applied separately to each item. LCM applied to: Per Unit Total Item Units Cost Market Cost Market Car audio equipment Speakers 350 $ 105 113 Stereos 265 126 116 Amplifiers 331 101 110 Subwoofers 209 67 57 Security equipment Alarms 485 165 155 Locks 296 108 98 Cameras 217 327 337 Binocular equipment Tripods 190 89 99 Stabilizers 175 110 120 Total Required 2 > Individual Items View transaction list Journal entry worksheet 1 Record LCM adjustment. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal