A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units 350 $105 265 126 331101 209 67 $113 116 110 57 Iten Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 485 296 217 165 108 327 155 98 337 190 175 8999 110 120 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 Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Cost Market T Cost otal Market LCM applied to: Individual Items Item Units 113 350 $ 265 331 116 105 S 126 101 67 209/ Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total 485 165 296 108 217 327 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 Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31