Saved Help Save & Exit Submit A physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Item Car audio equipment Units Cost Market Speakers Stereos Amplifiers Subwoofers 335 250 316 194 111 86 52 90 $ 98 100 95 41 Security equipment Alarms Locks Cameras 470 281 202 150 93 310 125 84 322 Binocular equipment Tripods Stabilizers 175 160 70 97 84 105 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