physical inventory of Liverpool Company taken at December $31$ reveals the following.

Item Units Per Unit

Cost NRV

Car audio equipment

Speakers $344$ $ $99$ $ $107$

Stereos $259120109$

Amplifiers $32595104$

Subwoofers $2036150$

Security equipment

Alarms $479159134$

Locks $29010293$

Cameras $211319331$

Binocular equipment

Tripods $1847993$

Stabilizers $169106114$

Required:

$1.$ Compute the lower of cost or NRV for the inventory applied separately to each item.

$2.$ If the NRV amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.