WK 2 - Apply: Summative Assessment (due Day 71 i Saved 2 338 253 319 197 5.93 114 89 55 $101 103 98 44 Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 153 473 284 205 96 313 128 87 325 22 points 178 163 73 103 87 108 . eBook 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 Merch account References Complete this question 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 in account View transaction list Journal entry worksheet 1 Record LCH adjustment Note Edebts before credits Date Dec 31 General Journal Debit Credit