Problem $5-5$A $($Algo$)$ Lower of cost or market LO P$2$

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.

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Required $2$

Compute the lower of cost or market for the inventory applied separately to each item.