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 Item Units Cost Market Car audio equipment Speakers 351 $106 $114 Stereos 266 127 117 Amplifiers 332 102 111 Subwoofers 210 68 58 Security equipment Alarms 486 166 156 Locks 297 109 99 Cameras 218 328 338 Binocular equipment 191 90 100 Stabilizers 176 111 121 Tripods 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 Required Calculate the lower of cost or market for the inventory applied separately to each item. . Per Unit Total LCM applied to: Item Units Cost Market Individual Cost Market Items Car audio equipment Speakers 351 $ 106 $ 114 Stereos 266 127 117 Amplifiers 332 102 111 Subwoofers 210 68 58 Security equipment Alarms 486 166 156 Locks 297 109 99 Cameras 218 328 338 Binocular equipment Tripods 191 90 100 Stabilizers 176 111 121 Total Required 1 Required 2 >