Celtic Company is preparing its annual financial statements dated December 31. Ending inventory information about the four major items stocked for regular sale are as follows: Unit Cost When Acquired (FIFO) $15 Net Realizable Value at Year-End $17 Product Line Quantity on Hand Item A 25 Item B 100 Item C 50 Item D 40 47 50 35 32 25 30 1. Compute the amount that should be reported for the ending inventory, using the Lower of Cost and Net Realizable Value (LC&NRV) rule applied to each item. Ending Inventory 2. How will the write-down of inventory to the lower of cost and net realizable value affect the company's expenses reported for the year ended December 31? Cost of Goods Sold by 1 (write increased or Decreased) amount