A physical inventory of Liverpool Company taken at December 31 reveals the following. Units Per Unit Cost Market 341 256 322 200 $ 96 117 92 58 $104 106 101 47 Item car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers I 131 476 287 208 156 99 316 90 328 181 166 76 103 90 111 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 Merchan account. Complete this question by entering your answers in the tabs below. Dard WPO VUSALLUI ISE Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits. General Joumal Debit Date Dec 31 Credit M Record entry Clear entry View general Journal