A prysical inventocy of Liverpool Compary taken at Deceraber 31 reveas the following Required: 1. Calculate the lower of cost or mariket for the inventiory applied separately to each itera 2 . if the macket amount is less thon the recorded cost of the inveritory, theri recoid the LCM adjustmen account Complete this question try entering your answers in the tatrs belew. Caloilate the lower of cost or market for the itrentory applied separately to aach itern