A physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Cost Market Units 340 255 321 199 $ 95 116 91 52 $123 105 100 46 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 475 286 207 155 98 315 13e 89 327 180 165 75 102 89 110 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 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 95 $ 340 $ 255 321 103 105 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms 116 91 100 46 199 57 475 155 130 89 Locks 286 98 207 315 327 Cameras Binocular equipment Tripods 180 75 89 Stabilizers 165 102 110 Total Required 1 Required 2 > Journal entry worksheet