Problem 6-5A Lower of cost or market LO P2 A physical inventory of Liverpool Company taken at December 31 reveals the following Item Car audio equipment Speakers Stereos 335 $90 $ 98 250 111 180 316 86 95 194 52 41 Amplifiers Subwoofers Security equipment Alarms Locks Cameras 470 150 125 281 93 8 202 310 322 Binocular equipment Tripods Stabilizers 175 70 84 168 97 185 1. Colculate 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 Complete this questions by entering your answers in the tabs below. 2 if the market amount is less than the recorded cost of the inventory, then record the LCM adjusment to the the LCMadjustment to the Merchandse Inventory account Total Car ent 335 5 90 $ 98 86 281 310 322 Binocular 97 105 Tetal 6016 Journal entry worksheet