physical inventory of Liverpool Company taken at December 31 reveals the following.       Per Unit Item Units Cost Market Car audio equipment               Speakers 351 $ 106   $ 114   Stereos 266   127     117   Amplifiers 332   102     111   Subwoofers 210   68     58   Security equipment               Alarms 486   166     156   Locks 297   109     99   Cameras 218   328     338   Binocular equipment               Tripods 191   90     100   Stabilizers 176   111     121       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.

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