E7-11 Reporting Inventory at Lower of Cost or Market [LO 7-4] Sandals Company is preparing the annual financial statements dated December 31. Ending inventory information about the four major items stocked for regular sale follows: Unit Cost Quantity When Market Value on Hand Acquire(FIFO) Product Line Air Flow Blister Buster Coolonite Dudesly 25 80 34 15 $13 38 60 28 at Year-End $15 36 Required entory using the LCM rule each item. Ending Inventory 2. How will the write-down of inventory to lower of cost or market affect the company's expenses reported for the year ended December 31? Cost of goods sold will be