A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market Item Car audio equipment Speakers Stereos Amplifiers Subwoofers 342 97 $105 118 93 59 187 257 323 201 48 Security equipment Alarms Locks Cameras 477 288 209 157 180 317 132 91 329 Binocular equipment Tripods Stabilizers 182 167 91 112 194 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 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 Items Item Units Cost Market Cost Market Car audio equipment Speakers Stereos Amplifiers Subwoofers 257 323 201 342 $ 97 $ 105 118 93 59 107 102 48 Security equipment Alarms Locks Cameras 477 288 209 157 100 317 132 91 329 Binocular equipment Tripods Stabilizers 182 167 91 104 112 Total Complete this questions by entering your answers in the tabs below Required 1Required 2 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. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal