PLEASE ANSWER ACCORDING TO THE RESPECTIVE TABLES {THE BLUE HIGHLIGHTS AROUND EACH UNIT ARE REQUIRED}

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A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units 103 338 253 319 197 $ 93 $101 114 8998 44 55 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 128 473 284 205 153 96 313 325 178 163 73 100 87 108 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 question 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. Total Per Unit Cost Market LCM applied to: Individual Items Item Units Cost Market $ Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms 338 253 319 1 93 $ 101 114 103 8998 55 44| 197 473 284 Locks 153 96 313 205 Cameras Binocular equipment Tripods Stabilizers - 178 163 73 100 108 Total Required 1 Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Me account. View transaction list Journal entry worksheet Record LCM adjustment. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal