A physical inventory of Liverpool Company taken at December 31 reveals the following. Item Per Unit Market Units Cost Car audio equipment Speakers 354 $ 109 $ 117 Stereos 269 130 Amplifiers 335 105 Subwoofers 213 71 51 120 114 61 Security equipment Alarms 489 169 159 Locks 300 112 102 Cameras 221 331 341 Binocular equipment Tripods 194 93 103 Stabilizers 179 114 124 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. 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 354 $ 109 $ 117 Stereos 269 130 120 Amplifiers 335 105 114 Subwoofers 213 71 61 Security equipment Alarms 489 169 159 Locks 300 112 102 Cameras 221 331 341 Binocular equipment Tripods 194 93 103 Stabilizers 179 114 124 Total LCM applied to: Individual Items 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