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A physical inventory of Liverpool Company taken ot December 31 reveals the following. Per Unit Units Cost Market Iten Car audio equipment Speakers Stereos 347 $102 123 $118 262 113 Amplifiers Subwoofers Security equipsent Alarms 328 206 98 107 64 54 482 162 152 Locks 293 105 95 Caneras 214 324 334 Binocular equipment Tripods Stabilizers 187 86 96 172 107 Required: 1 Calculate the lower of cost or market for the inventory opplied 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 queations 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 appled to: Hem Unita Cost Individual iteme Market Cost Car audio equipment Speakers 102 $ 347 110 Stereos 262 123 113 Ampifiers 328 98 107 Subwoofers 206 64 54 Security equipment Alarms 482 162 152 Locks 293 105 95 Cameras 324 214 334 Bincoular equipment Tripods 187 96 Stabizers 107 172 117 Tola Required 2 Journal entry worksheet 1 Record LCM adjustment Note: Enter debits bafore credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View genaral journal c Required 1