A physical inventory of Liverpool Company taken at December 31 reveals the following. 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 Inventory account. Complete this question by entering your answers in the tabs below. Compute the lower of cost.or market for the inventory applied separately to each item. Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $55,000 and Year 2 ending inventory is overstated by $25,000. Required: 1. For each key financial statement figure- (). (b). (C). and ( d ) above-prepare a table to show the adjustments necessary to correct the reported amounts, 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. For each key financal statement figure- (a),(b),(c), and () above-prepare a table to show the adjustments necessary to correct the reported amounts. Note: Amounts to be deducted must be entered with a minus sign