A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market 348 263 329 207 $103 124 99 65 $ 111 114 108 55 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 153 483 294 215 163 106 325 96 335 188 173 87 108 118 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 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Cost Market Total Market LCM applied to: Individual Items Item Units Cost 348 $ 103 $ 263 124 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms 111 114 108 329 99 65 207 153 483 294 215 163 106 Locks 96 325 335 Cameras Binocular equipment Tripods Stabilizers Total 188 173 87 108 97 118 Required 1 Required 2 > A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market 348 263 $ 103 $111 124 114 99108 65 55 32990 207 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 153 483 294 215 163 106 325 96 335 188 173 87 108 97 118 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 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. View transaction list Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 1 Record entry Clear entry View general journal