A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment 338 253 319 197 $ 93 114 89 55 $ 101 $ 103 98 44 Alarms 473 284 205 153 96 313 128 87 325 Locks Cameras Binocular equipment Tripods Stabilizers 178 163 73 100 87 108 Required: 1. Compute 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 Compute the lower of cost or market for the inventory applied separately to each item. Per Unit Total Item Units LCM applied to: Individual Items Cost Market Cost Market $ 93 $ 101 338 253 114 103 319 89 98 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks 197 55 44 473 153 128 284 96 87 205 313 325 Cameras Binocular equipment Tripods Stabilizers Total 178 73 87 163 100 108 Required 1 Required 2 >