A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 344 $ 99 $107 Stereos 259 120 109 Amplifiers 325 95 104 Subwoofers 203 61 50 Security equipment Alarms 479 159 134 Locks 290 102 93 Cameras 211 319 331 Binocular equipment Tripods 184 79 93 Stabilizers 169 106 114 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. Item Car audio equipment Per Unit Total Units Cost Market Cost Market Speakers 344 $ 99 $ 107 Stereos 259 120 109 Amplifiers 325 95 104 Subwoofers 203 61 50 Security equipment Alarms 479 159 134 Locks 290 102 93 Cameras 211 319 331 Binocular equipment Tripods 184 79 93 Stabilizers 169 108 8 114 Total LCM applied to: Individual Items Required 1 Required 2 >