A physical Inventory of Liverpool Company taken at December 31 reveals the following Per Unit Units Cost Market 304 250 125 20 $99 120 510 109 10 50 62 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alaras Locks Cameras inocular equipment Tripods Stabilizers 40 2:00 211 159 102 119 11 1156 16 70 TOO 114 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 ndjustment to the Merchandise Inventory account Complete this question by entering your answers in the tabs below. Required 1 Required Calculate the lower of cost or market for the inventory applied separately to each item.