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 $5,465. Information about its inventory items follows: Quantity Unit Cost When on Band Acquired (FIFO) Product Line Air Flo BIBter Buster Coolonite Value at Year-En $14 38 50 35 $12 40 20 75 35 10 30 Dudesly 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 tems. 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each year ended December 31? 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. roduct Line Air Flow Blister Buster 20 75 35 10 Dudesly Total