A physical inventory of Liverpool Company taken at December 31 reveals the following. 1. Compute the lower of cost or market for the inventory applied separately to eachitem. 2. If the market amou inventory account Complete this question by entering your answers in the tabs below. Compute the lower of cost or marknt for the inventory applied separatilv 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 inveritory, then record the LCM adjustment to the Merchandise Inventory account Complete this question by entering your answers in the tabs below. Compute the lower of cost or markat for the inventory applied separately ro each item. 1. Compute the lower of cost or market for the inventory applisd separately to each item 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment fo the Merchandise inventory account. Complete this question by entering your answers in the tabs below. Ir the market amount is less than the recorded cost of the inventory, then record the LCM adjuntment to the Merchandise Imventory Naccount. Journal entry worksheet