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 presenty recorded at ts total cost of $10.250. Information about its Inventory items ollows: Unit Cost Quantity when required Value Product Line on Hand (PITO) at Year-End Air Flow $90 $92 Bllater 80 Buster Coolonite 70 Dudenly 15 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 LCMNRV rule has been applied to each item. Complete this question by entering your answers in the tabs below. Required Required Required 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 by