A physical inventory of Helmke Company taken at December 31 reveals the followin

A physical inventory of Helmke Company taken at December 31 reveals the following.Item Units Cost MarketAudio equipmentReceivers 335 $90 $98CD players 250 111 100Mp3 players 316 86 95Speakers 194 52 41Video equipmentHandheld LCDs 470 150 125VCRs 281 93 84Camcorders 202 310 322Car audio equipmentSatellite radios 175 70 84CD/MP3 radios 160 97 105Required:1. Calculate the lower of cost or market for the inventory applied separately to each item2. If the market amount is less than the recorded cost of the inventory then record the LCM adjustment to the Merchandise Inventory account.