A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 337 $ 92 $ 100 Stereos 252 113 102 Amplifiers 318 88 97 Subwoofers 196 54 43 Security equipment Alarms 472 152 127 Locks 283 95 86 Cameras 204 312 Binocular equipment 324 Tripods 177 Stabilizers 162 28 72 06 99 107 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. Per Unit Total Item Units. Cost Market Cost Market Car audio equipment Speakers 337 $ 92 S 100 Stereos 252 113 102 Amplifiers 318 88 97 Subwoofers 196 54 43 Security equipment Alarms 472 152 Locks 283 Cameras 204 312 252 127 95 86 324 Binocular equipment Tripods 177 72 Stabilizers 162 99 2 9 107 86 86 Total Required 2 > LCM applied to: Individual Items Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merch- 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