Problem 6-5A Lower of cost or market LO P2 A physical Inventory of Liverpool Company taken at December 31 reveals the following Per unit units Cost Market $102 $115 12 118 333 103 112 211 50 Item Car audio equipment Speakers Stores Amplifiers Subwoofers Security equipment Alors Locks Binocular equipment Tripods Stabilizers 110 152 100 339 192 177 91 112 101 122 Required: 1. Calculate the lower of cost or market for the inventory spplied separately to each item. 2 'the market amounts less than the recorded cost of the inventory, then record the LCM custment 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 LCM appiled to: Individual Items Item Units Cost Market Coct Market 107 $ Car Audio quipment Spaniars Stores Ampers Subtors 352 $ 267 115 118 112 333 103 211 487 110 Security equipment Alams Locks Cameras Binocular equipment Tripods Stables 20 219 157 100 339 192 91 101 177 112 Required Required 2 > Problem 6-5A Lower of cost or market LO P2 A physical Inventory of Liverpool Company taken at December 31 reveals the following Units 352 Item Car audio equipment Speakers Stores Amplifiers equipment 333 Por unit Market Sez $115 12 118 103 112 59 167 152 110 100 329 339 Cameras 219 Binocular equipment Tripods Stabilizers 192 172 91 112 101 122 Required: 1. Calculate the lower of cost or market for the inventory applied separately to each item. 2 F the market amount is less than the recorded cost of the inventory, then record the LCM ustment to the Merchandise Inventory account Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Journal entry worksheet Record LCM adjustment Note: Enter debts before credits General Journal Debit Credit Date Dec 31 y Cherry Vw our