2.00 points Parson Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows Net Realizable Value Market) at Year-End 3 18 Quantity U Cost When Acquired (FIFO) S 13 43 60 30 on Hand 23 38 58 Requirec 1. Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis Item Quantity Total Cost Market Valuation 23 50 38 Total 2. What will be the effect of the write-down of inventory to lower of cost or market on cost of goods sold for the year ended December 31, current year? sok by the Reterences eBook & Resources