A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms 348 263 329 207 $103 124 99 65 $111 114 108 55 Locks 483 294 215 163 106 325 153 96 335 Cameras Binocular equipment Tripods Stabilizers 188 173 87 108 97 118 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 Car audio equipment Speakers 348 $ 103 $ 1111 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. Total Per Unit Cost Market LCM applied to: Individual Items Item Units Cost Market 111 103 $ 124 114 348 $ 263 329 207 99 108 65 55 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 483 153 163 106 294 96 215 325 335 188 87 97 118 173 108 Total Required 1 Required 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 Journal entry worksheet 1 > Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal