A physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Units Cost Market 351 266 332 210 $106 127 102 68 $114 112 111 58 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 486 297 210 166 109 328 156 99 338 191 176 90 111 100 121 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 account. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjus account.