A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units 337 252 318 196 $ 92 113 88 54 $100 102 97 43 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 127 472 283 204 152 95 312 86 324 86 177 162 72 99 107 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 LCM applied to: Individual Items Item Units Cost Market 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 204 312 324 Binocular equipment Tripods Stabilizers 177 72 86 162 99 107 Total 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. View transaction list Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal