A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market 346 261 327 205 $101 122 97 63 $109 112 106 53 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 15 481 292 213 161 104 323 94 333 95 186 171 85 106 116 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. Per Unit Cost Market Total Market LCM applied to: Individual Items Item Units Cost Car audio equipment $ Speakers Stereos 1 346 261 327 205 101 $ 109 122 112 | 9 7 106 6353 Amplifiers Subwoofers Security equipment Alarms - Locks 481 292 213 161 104 323 151 94 333 Cameras - Binocular equipment Tripods Stabilizers 186 171 8595 106 116 Total Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31