A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 348 $103 $111 Stereos 263 124 114 Amplifiers 329 99 108 Subwoofers 207 65 55 Security equipment Alarms 483 163 153 Locks 294 106 96 Cameras 215 325 335 Binocular equipment Tripods 188 87 97 Stabilizers 173 108 118 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate 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 348 EA $ 103 59 $ 111 Stereos 263 124 114 Amplifiers 329 99 108 Subwoofers 207 65 55 Security equipment Alarms 483 163 153 Locks 294 106 96 Cameras 215 325 335 LCM applied to: Individual Items