E7-12 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $10,550. Information about its inventory items follows: Unit Cost When Acquired (FIFO) Product Line Air Flow Blister Buster Coolonite Dudesly Quantity on Hand 70 65 10 95 Value at Year-End $50 33 93 43 40 100 40 Required: 1. Compute the LCMNRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all Items. 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31? 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item. items. 1. Compute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all 2. How will the write-down of Inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31? 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items. Product Li Quantity on Write-down Total Write Hand per item down 70 65 Air Flow Bister Buster Coolonite Dudesly Total 10 95 Required Required 2 > Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $10,550. Information about its inventory items follows: Product Line Air Flow Blister Buster Coolonite Dudes ly Quantity on Hand 70 65 10 95 Unit Cont When Acquired (FIFO) $ 45 40 Value at Year-End $50 33 93 43 100 40 Required: 1. Compute the LCMNRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items. 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31? 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31? Cost of goods sold will be Required 1 Required 3 > Required: 1. Compute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items. 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31? 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item. Written-down inventory