Calculate the lower of cost or market for the inventory applied separately to each item.

A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Unita Coat Market $104 6112 125 115 100 109 208 56 Item Car audio equipment Speake-a Stereo Amp11212 Subota Security aquipment Alama Lacka Camera Binocular equipment Tripoda Stabiliza 164 107 326 154 97 295 216 189 174 109 119 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. Per Unit Total LCM applied to: Individual items item Units Cost Market Cost Market 349 5 112 $ S 104 125 264 115 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment $ 35.295$ 39,088 33.000 30 360 33.000 35,970 13,728 11.648 0 % 2.640 0 330 100 109 208 66 56 2,080 484 164 154 74 536 4.840 79.376 31,565 295 107 97 28,615 2.950 X 0 % 216 326 336 70.416 72 576 Alarms Locks Cameras Binooular equipment Tripods Stabilizers 189 88 98 18 522 16.632 18.966 03 0 174 109 119 20,706 Total (Required Required 2 >