Problem 5-5A Lower of cost or market LO P2 A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Uni Units Cost Market 349 264 330 208 $184 125 100 66 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 0 0 co 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 questions by entering your answers in the tabs below. Required 1 Required 2 Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Cost Market Total Market Item Units LCM applied to: Individual Items Cost $ $ 112 $ $ 349 264 330 104 125 100 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks 36,296 33.000 33,000 13,728 39.088 30.360 35.970 11.648 109 56 164 484 295 107 79,376 31,565 70.416 74,536 28,615 72,576 Cameras Binocular equipment Tripods Stabilizers 18,522 16 632 18.966 174 119 20,706 Total Required 2 >