A physical inventory of The Liverpool Company taken on 31 December reveals the following.

		per unit
Element	units	Cost			Sunday
car audio equipment
Speakers	353	$	108		$	116
stereo	268		129			119
amplifiers	334		104			113
Speaker	212		70			60
safety equipment
alarms	488		168			158
locks	299		111			101
cameras	220		330			340
binocular equipment
tripods	193		92			102
stabilizers	178		113			123

Required:
1. Calculate the lower of cost or market for inventory applied to each item separately.
2. If the market amount is less than the recorded cost of the inventory, post the LCM adjustment in the Inventory of Goods account.