A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units 335 250 316 194 $ 90 111 86 52 $ 98 100 95 41 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 470 281 202 150 93 310 125 84 322 175 160 70 97 84 105 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. 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 LCM applied to: Individual Items Cost Market Cost Market 335 $ 90 S 98 $ 90 $ 98 S 335 111 100 27,750 250 316 86 95 27,176 10,088 25,000 30,020 7,954 194 52 41 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total 150 125 70,500 470 281 93 84 26,133 62,620 58,750 23,604 65,044 202 310 322 175 70 97 84 105 12.250 15,520 14,700 16,800 160