Chap 05 Homework Saved A physical inventory of Liverpool Company taken at December 31 reveals the following 7 Per Unit Cost Market Unita $101 158 points 346 261 327 205 122 97 63 5109 112 106 53 04:17:23 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locke Cameras Binocular equipment Tripods Stabilizers 161 481 292 21) 104 151 94 333 323 eBook 186 171 85 106 95 116 Print 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 References 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 Par Unit Cost Market LCM applied to Individual Units Cost Market 101 $ 109 122 Car audio equipment Speakers Stereos Amplifiers Subwoofer Security equipment 346 $ 261 327 205 112 108 97 63 53 481 7 ory 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. 158 paints Required 1 Required 2 04.17 on eBook $ o Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM applied to: Units Cost Market Cast Market Individual Items Car audio equipment Speakers 346 $ 101 $ 109 Stereos 261 122 112 Amplifiers 327 97 106 Subwoofers 205 63 53 Security equipment Alarms 481 161 151 Locks 292 104 94 Cameras 213 323 333 Binocular equipment + Tripods 186 85 95 Stabilizers 171 106 116 Total References Required Required 2 > ME G 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 1 > ces Record LCM adjustment. Note: Enter debits before credits General Journal Dobit Credit Date Dec 31 Record entry Clear entry View general journal ty @ HC 15