E7-14 (Algo) 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: Required: 1. Compute the LCMNNR write-down per unit and in total for each item in the table. Also compute the fotal overall write-down for all liems. 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. 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 al items. 3. Compute the amount that should be reported for the inventory on December 31 , after the LCM/NRV rule has been applied to Item. Complete this question by entering your answers in the tabs below. 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