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Required:

Which type of inventory has seen the greatest growth in sales prices over the current year?

Which type of inventory has seen the greatest decline in sales prices over the current year?

Based on the trend lines provided, for which inventory items does management project to sell below its average unit cost in the

following year $($Hint: Compare projected sales prices to the bar chart showing average unit cost$)?$

Determine the financial statement effects of any adjustment to inventory for the lower of cost and net realizable value. Complete this question by entering your answers in the tabs below.

Determine the financial statement effects of any adjustment to inventory for the lower of cost and net realizable value.

Note: Amounts to be deducted should be indicated by a minus sign.Mitchell's Specialties sells high$-$end furniture $($dressers$,$ chairs, sofas, and tables$).$ The company has been in business for several years. Based on its experience, management projects next year's sales prices of year$-$end inventory using the trend in monthly sales prices during the current year. Presented below are those trends in sales prices for each of its four types of inventory, as well as next year's projected sales price. Also presented are the number of units of ending inventory and the average cost of each of those units.