Problem 5-5A (Static) Lower of cost or market LO P2 A physical Inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market Car audio equipment Speakers 345 $ 90 $98 Stereos 260 111 100 Amplifiers 326 86 95 Subwoofers 204 52 41 Security equipment Alarms 480 150 125 Locks 291 93 84 Cameras 212 310 322 Binocular equipment Tripods 185 Stabilizers 178 22 84 97 185 Required: 1. Compute 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 Merchan account Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the lower of cost or market for the inventory applied separately to each item. Item Per Unit Total Units Cost Market Cost Market Car audio equipment Speakers 345 Stereos 260 $ 90.00 111.00 $ 98.00 $ 100.00 31,050 $ 33,810 28.850 28.000 Amplifiers 328 86.00 05:00 28.030 30.970 Subwoofers 204 52.00 41.00 10,808 8,364 Security equipment Alarms 480 150.00 125.00 72.000 60,000 Locks 291 93.00 34.00 27,083 24.444 Cameras 212 310.00 322.00 65,720 68,284 Binocular equipment Tripods 185 70.00 84.00 12.950 15,540 Stabilizers 170 97.00 105.00 16.400 17.850 Total LCM applied to: Individual