A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market 347 $102 262 328 206 $110 113 107 54 98 64 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 482 293 214 162 105 324 152 95 334 187 172 86 107 96 117 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 Cost Market Total Market LCM applied to: Individual Items Item Units Cost Car audio equipment Speakers Stereos $ 102 $ 347 262 328 123 110 113 107 Amplifiers 98 64 206 Subwoofers Security equipment Alarms 162 Locks 105 214 324 Cameras Binocular equipment Tripods Stabilizers 96 117 172 107 Total Required 1 Required 2 > Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal