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 the Merchandise 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. A physical inventory of Liverpool Company taken at December 31 reveals the following. Required: 1. Compute the lower of cost of market for the inventory applied separately to each item. 2. If the market amount is loss than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Journal entry worksheet Record LCM adjustment. Note: Enter debits before cred ts. A physical inventory of Liverpool Company taken at December 31 reveals the following. Required: 1. Compute the lower of cost of market for the inventory applied separately to each item. 2. If the market amount is loss than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Journal entry worksheet Record LCM adjustment. Note: Enter debits before cred ts