ssigment Saved 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 90 98 250 111 100 316 86 194 52 41 Security equipment Alarms Locks Cameras 470 150 125 281 202 310 322 93 84 Binocular equipment Tripods 175 160 70 97 84 105 Stabilizers 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 questions by entering your answers in the tabs below. Required 1 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.