A physical inventory of Liverpool Company taken at December 31 reveals the following Units Per Unit Cost Market 344 259 325 203 5.99 120 95 61 $107 109 104 se Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alaras Locks Cameras Binocular equipment Tripods Stabilizers 159 479 290 211 102 134 93 319 331 184 169 79 106 93 114 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 2 lower of cost or market for the inventory applied separately to each item. 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 LCM applied to: Individual Items Market 3445 250 325 203 99 $ 120 95 107 109 104 51 Car audio equipment Speakers Stores Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocularument 50 159 134 479 290 211 102 93 331 319 184 79 106 93 114 169 Tot 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 es Journal entry worksheet