A physical inventory of Liverpool Company taken at December 31 reveals the following. Per audio equipment Speakers345$90 $98 Stereos260 111 100 Amplifiers326 86 95 Subwoofers204 52 41 Security equipment Alarms480 150 125 Locks291 93 84 Cameras212 310 322 Binocular equipment Tripods185 70 84 Stabilizers170 97 105 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. Calculate the lower of cost or market for the inventory applied separately to each item. Per UnitTotalLCM applied to: Individual ItemsCar audio equipment Speakers345$90$98 Stereos260111.00100.00 Amplifiers32686.0095.00 Subwoofers20452.0041.00 Security equipment Alarms480150.00125.00 Locks29193.0084.00 Cameras212310.00322.00 Binocular equipment Tripods18570.0084.00 Stabilizers17097.00105.00 Total Journal entry worksheetRecord LCM adjustment. Note: Enter debits before credits. DateGeneral Journal DebitCredit Dec 31