A physical inventory of Liverpool Company taken at December 31 reveals the following Units Per Unit Cost Market $ 90 345 260 326 $ 98 100 Item Audio equipment Receivers CD players MP3 players Speakers Video equipment Handheld LCDs VCRS Camcorders Car audio equipment Satellite radios CD/MP3 radios 212 310 322 Required: 1. Calculate the lower of cost or market for the inventory applied separately to each item. Total Per Unit Cost Market LCM applied to Individual Items Cost Market Units Item 90.00 345 260 Audio equipment Receivers CD players MP3 players Speakers Video equipment Handheld LCDs 326 98.00 100.00 95.00 41.00 111.00 86.00 52.00 204 480 150.00 125.00