A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 341 $ 96 $ 104 Stereos 256 117 106 Amplifiers 322 92 101 Subwoofers 200 58 47 Security equipment Alarms 476 156 131 Locks 287 99 90 Cameras 208 316 328 Binocular equipment Tripods 181 76 90 Stabilizers 166 103 111 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 Merchandis 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 341 $ 96 $ 104 Stereos 256 117 106 Amplifiers 322 92 101 Subwoofers 200 58 47 Security equipment Alarms 476 156 131 Locks 287 99 90 Cameras 208 316 328 Binocular equipment Tripods 181 76 90 Stabilizers 166 103 111 Total LCM applied to: Individual Items Required 1 Required 2 >