Problem 6-13A Lower of cost or NRV LO 6 A physical Inventory of Liverpool Company taken at December 31 reveals the following. Required: 1. Compute the lower of cost or NRV for the Inventory applied separately to each item. 2. If the NRV amount is less than the recorded cost of the inventory, then record the LCM adjustment to the M account. Complete this question by entering your answers in the tabs below