Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total Market Item Units Cost Market Cost LCM applied to: Individual Items 117 354 269 109 130 105 71 120 1 14 61 38,586 34,970 35,175 15,123 41,418 32,280 38,190 12,993 213 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 489 300 221 169 112 159 102 341 82,641 33,600 73,151 77,751 30,600 7 5,361 194 93 103 124 18.042 20,406 19,982 22,196 179 114 Total Required 2 > A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 354 $109 $117 Stereos 269 130 120 Amplifiers 335 105 114 Subwoofers 21371 61 Security equipment Alarms 489169 Locks 300 112 Cameras 221 331 341 Binocular equipment Tripods 194 93 103 Stabilizers 179 114 124 ences 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 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 View journal entry worksheet No General Journal Debit Credit Date Dec 31 1 Cost of goods sold Merchandise inventory