physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market 351 266 332 210 $106 127 102 68 $114 117 111 58 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 486 297 218 166 109 328 156 99 338 100 191 176 90 111 121 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. 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 Markot LCM applied to: Entire Individual Inventory Items Item Units Cost Market Cost $ 106 $ 351 266 37,206 31,122 33,864 12,180 332 210 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total 486 297 218 166 109 328 88 75,816 29,403 71,504 8 191 176 I 0 17,190 19,536 327.821 $ 0 $ 0 $ $ ( Required 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 Record LCM adjustment. Note: Enter debits before credits. Debit Credit Dato Dec 31 General Journal Cost of goods sold Merchandise Inventory Record entry Clear entry View general journal