A physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Units Cost Market 348 5103 263 124 329 99 207 S111 114 10 65 Ites Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarm Looks Cameras Binocular equipment Tripods Stabilizers 153 483 294 215 163 106 325 335 188 173 87 108 97 110 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 Cost Market Total Market LCM applied to: Individual Items Item Units Cost $ 103 $ 111 348 263 114 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment 329 Alarms 483 Locks 294 Cameras Binocular equipment Tripods 109 118 Stabilizers 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 Book Paint Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal