Problem 5-5A Lower of cost or market LO P2 A physical inventory of Liverpool Company taken at December 31 reveals the following Units Per Unit Cost Market 349 264 330 208 $104 125 100 66 $112 115 109 56 Iter Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 484 295 216 164 107 326 154 97 336 189 174 88 109 98 119 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. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item Per Unit Total Item Unita Cost Market LOM applied to Individual Item Cost Market Car audio equipment account 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 LCM applied to: Individual Items Item Units Cost Market Cost Market Car audio equipment Speakers 104 S 112 349 $ 264 Stereos 115 125 100 330 109 208 66 56 484 164 154 107 97 Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Total 295 216 326 336 189 88 98 174 109 119 Required Required 2 > View transaction list Journal entry worksheet 1 Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Regulad