E7-14 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] Sandals Company is prepaing the annual financial statements dated December 31. Ending irventory is presentiy recorded at its lotal cost of \$18.075. Information about is inventory iterns follows Required: 1. Compute the LCM/NFV write-down per unit and in total for each item in the table. Also compute the fotal overall write-down for all Items 2. How wail the write-down of inventory to lower of cost or marketioet realizable value affect the companys expenses reported for the year ended December 31 ? 3. Compute the amount that should be reported for the imventory on Decembet 3t, after the LCMNRV fule has been applied to each item. Complete this question by entering vour answers in the tabs below. Comoute the LCM/NRV write-down per unit and in total for each item in the toble, Also compute the total overall write-domn for all items. Compute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall writefor all items. 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 ? Complete this question by entering your answers in the tabs below. Compute the amount that should be reported for the inventory on December 31 , after the LCM/NRV rule has been applied to each item