A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 339 $ 94 $ 102 Stereos 254 115 104 Amplifiers 320 90 99 Subwoofers 198 56 45 Security equipment Alarms 474 154 129 Locks 285 97 88 Cameras 206 314 326 Binocular equipment Tripods 179 74 Stabilizers 164 101 88 109 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 Invento account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 339 69 $ 94 $ 102 Stereos 254 115 104 Amplifiers 320 90 99 Subwoofers 198 56 45 Security equipment Alarms 474 154 129 Locks 285 97 88 Cameras 206 314 326 Binocular equipment Tripods 179 74 88 Stabilizers 164 101 109 Total LCM applied to: Individual Items Required 1 Required 2 > 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 Invento account. View transaction list Journal entry worksheet 1 Record LCM adjustment. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 >