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A physical inventory of Uverpool Company taken at December 31 reveals the following Required: 1. Compute the lower of cost or market for the inventory applied separately to each tem. 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 tem. 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 tem. 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. If the market amount is iess than the recorded cost of the inventory, then recerd the LCM adjustment to the Merchandise Inventory account. Journal entry worksheet