3. Recording the write-down on obsolete inventory: a. Based on the information provided in Table 2, calculate the write-down that would be necessary using the rst set of assumptions. h. Based on the information provided in Table 2, calculate the write-down that would be necessary using the second set of assumptions. c. Assuming that Frosty Co. '5 management team decided to use the rst set of estimates, what correcting entries would need to he made to write down inventory? (Assume that Frost}.l Co. uses the direct write-off method.) d. What correcting entries would need to be made to write down inventory if the team decided to use the second set of estimates? e. What would he the net effect of each of these inventory adjustments on net income? \"rst would be the net effect on BPS