A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market 353 268 334 212 $108 129 104 70 $116 119 113 60 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 488 299 220 168 111 330 158 101 340 193 178 92 113 102 123 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. Per Unit Cost Market Total Market LCM applied to: Individual Items Item Units Cost $ Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment 353 $ 268 334 212 108 129 104 70 116 119 113 60 Alarms Locks 488 299 220 168 158 111101 330 340 - Cameras Binocular equipment Tripods Stabilizers Total 19392102 178113123 Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31