A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units 343 258 324 202 $ 98 119 94 60 $106 108 103 49 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 478 289 210 158 101 318 133 92 330 183 168 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. Complete this questions 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 98 $ 106 343 $ 258 324 119 108 94 103 202 60 49 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total 478 158 133 289 101 92 210 318 330 183 78 92 168 105 113 Required 1 Required 2 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