A physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Units Cost Market Car audio equipment Speakers 343 258 324 202 119 94 60 9 $106 108 103 49 Amplifiers Subwoofers Security equipment Alarms Locks 478 289 210 158 101 318 133 92 330 Tripods stabi li zer 183 168 78 105 92 113 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 questions by entering your answers in the tabs below. Required 1Required 2 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 ournal entry worksheet Record LCM adjustment. Note: Enter debits before credits. Dec 31 Record entry Clear entry View general journal