A physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Item Car audio equipment Units Cost Market Speakers Stereos Amplifiers Subwoofers 349 $104 $112 264 125 115 330 100 109 208 66 56 Security equipment Alarms Locks Cameras 484 164 154 295 107 97 216 326 336 Binocular equipment Tripods Stabilizers 189 88 98 174 109 119 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 Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Total LCM applied to: Per Unit Market Individual Items Item Units Cost Market Cost Car audio equipment 104 $ 112 Speakers Stereos Amplifiers Subwoofers 49 264 330 208 115 109 56 125 100 Security equipment 484 295 216 164 107 326 154 97 336 Alarms Cameras Binocular equipment 189 98 Tripods Stabilizers 174 109 119 Total Required 1 Required 2 If the market amount is les than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Invento account View transaction list ournal entry worksheet Record LCM adjustment. Note: Enter debits before credits. Date Dec 31 General Journal DebitCredit