Problem 5-5A Lower of cost or market LO P2 A physical inventory of Liverpool Company taken at December 31 reveals the following Units Cost Market 34297 $105 257 11 107 323 9 102 201 59 Xten Car audio equipment Speakers Stereos Amplifier Subwoofers Security equipment Alar Locke Cars Binocular poent Tripode Stabilizers 479 280 209 157 100 132 91 329 182 16% 104 112 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 harf cost or market for the inventory applied separately to each item led to 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 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total Market LCM applied to: Individual Items Cost Market Item Units Cost 342 $ 257 323 201 97 $ 118 93 105 107 102 59 48 157 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Camera Binocular equipment Tripods Stabilizers Total 477 288 209 100 132 91 329 317 77 91 182 167 104 112 Rogue Required 2 > Journal entry worksheet 1 Record LCM adjustment. Note: Enter debits before credits Debit Credit General Journal Date Dec 31 View general Journal Record entry Clear entry