a physical inventory of liverpool company taken at december 31 reveals the following. item units per unit cost market car audio equipment speakers 345 $ 90 $ 98 stereos 260 111 100 amplifiers 326 86 95 subwoofers 204 52 41 security equipment alarms 480 150 125 locks 291 93 84 cameras 212 310 322 binocular equipment tripods 185 70 84 stabilizers 170 97 105 required: 1. compute 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.