A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units 345 260 326 204 $100 121 96 62 $108 110 105 51 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 480 291 212 160 103 320 135 94 332 185 170 80 107 94 115 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. 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. Per Unit Total LCM applied to: Individual Items Item Units Cost Market Cost Market 100 $ 108 345 $ 260 121 110 326 96 105 204 62 51 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 480 160 135 291 103 94 212 320 332 185 80 94 170 107 115 Total