A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Item Units 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 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 Inventory account. No Date General Journal 1 December 31 Cost of goods sold Merchandise inventory < Required 1 Required 2 > Debit 351,694x Credit 350,771 X