A physical inventory of Liverpool Company taken at December 31 reveals the following. El Per Unit Units Cost Market Item Car audio equipment Speakers $ 91 $ 99 336 112 251 101 Stereos Amplifiers Subwoofers 317 87 96 53 195 42 Security equipment Alarms 471 151 126 Locks 282 94 85 203 311 323 Cameras Binocular equipment Tripods 176 71 85 Stabilizers 161 98 106 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 count. 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 LCM applied to: Per Unit Total Individual Items Item Units Cost Market Cost Market Car audio equipment 336 $ 91 $ Speakers 99 Stereos 251 112 101 Amplifiers 317 87 96 Subwoofers 195 53 42 Security equipment Alarms 471 151 126 Locks 282 94 85 Cameras 203 311 323 Binocular equipment Tripods 176 71 85 161 106 Stabilizers 98 Total 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 Journal entry worksheet 1 Record LCM adjustment Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal