A physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Item Car audio equipment Units Cost Market Speakers Stereos Amplifiers Subwoofers 348 $103 $111 263 329 207 124 65 163 114 108 Security equipment 483 Alarms Locks Cameras 94 106 215325 153 96 335 Binocular equipment Tripods Stabilizers 188 173 87 108 97 118 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. 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 Car audio equipment Speakers Stereos Amplifiers Subwoofers 348 $ 103 263 329 207 111 114 108 124 65 Security equipment Alarms Locks Cameras 483 294 215 163 106 325 153 96 335 Binocular equipment 188 Tripods Stabilizers 87 108 97 173 118 Total Record LCM adjustment Note: Enter debits before credits. General Journal Debit Credit Date Dec 31