Problem 5.5A Lower of cost or market LO P2 A physical inventory of Liverpool Company taken at December 31 reveais the following Requlred: 1. Calculate the lower of cost or market for the inventory applied separately to each nem. 2. If the market amount is less than the secorded 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. Calculate the lower of cost or market for the inventory applied separately to each item. 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 Nopen Erter debats beloce credits