Calculate the lower of cost or market for the inventory applied separately to each item. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.

A physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Unita Coat Market 349 6104 6112 125 115 100 109 Item Car audio equipment Speakers Stereo Amp 11-12-2 SEA Security aquipment Alama Locka Cameras Binocular equipment Tripoda Stabiliza 295 216 164 107 326 154 97 336 189 174 109 119 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. Answer is complete but not entirely correct. 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. Total Per Unit Cost LCM applied to: Individual items item Units Market Cost Market 349 S 112 115 264 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms S 104 125 100 $ 35.2955 39,088 33.000 30 360 33.000 35.970 13.728 11.648 330 109 - 208 66 56 164 154 484 295 Locks 107 97 79,376 31,565 70.416 74,536 28.615 72 575 : 216 326 336 Cameras Binocular equipment Tripods Stabilizers Total 189 88 98 119 16.632 18.966 18.522 20,705 3 3 174 109 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 Journal entry worksheet