A physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Cost Market Units 340 255 321 199 $ 95 116 91 57 $103 105 100 46 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 475 286 207 155 98 315 130 89 327 180 165 75 102 89 110 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 question by entering your answers in the tabs below. 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: Individual Item Units Cost Market Cost Market Items Car audio equipment Speakers 340 $ 95 $ 103 Stereos 255 116 105 Amplifiers 321 91 100 Subwoofers 199 57 46 Security equipment Alarms 475 155 130 Locks 286 98 89 Cameras 207 327 Binocular equipment Tripods 180 75 89 Stabilizers 165 102 110 Total 315 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 question by entering your answers in the tabs below. Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchand account. View transaction list Journal entry worksheet