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 338 253 319 $ 93 114 89 $101 103 98 55 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 473 153 96 313 NO 205 325 178 163 73 100 87 108 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