A physical inventory of Liverpool Company taken at December 31 reveals the following.
Per Unit Item Units Cost Market
Audio equipment
Receivers 345 $ 90 $ 98
CD players 260 111 100
MP3 players 326 86 95
Speakers 204 52 41
Video equipment
Handheld LCDs 480 150 125
VCRs 291 93 84
Camcorders 212 310 322
Car audio equipment
Satellite radios 185 70 84
CD/MP3 radios 170 97 105
Required: Calculate the lower of cost or market for the inventory applied separately to each item.