A physical inventory of Liverpool Company taken at December 31 Per Unit Units Cost Market 345 $ 90 $ 98 260 111 100 326 86 95 204 52 41 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 480 291 212 150 93 125 84 322 310 185 170 70 97 84 105 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 below tabs. 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: Item Units Cost Market Cost Market Individual Items Car audio equipment Speakers 345 $ 90 $ 98 $ Stereos 260 111.00 100.00 Amplifiers 326 86.00 95.00 Subwoofers 204 52.00 41.00 Security equipment Alarms 480 150.00 125.00 Locks 291 93.00 84.00 Cameras 212 310.00 322.00 Binocular equipment Tripods 70.00 84.00 Stabilizers 170 97.00 105.00 185 Total Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits General Journal Debit Date Dec 31 Credit Record entry Clear entry View general journal