E7-14 (Static) 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: Product Line Air Flow Blister Buster Coolonite Dudesly Required: Quantity on Hand 20 75 35 10 Product Line 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. Air Flow Blister Buster Coolonite Dudesly Total Unit Cost When Acquired (FIFO) $ 12 40 55 30 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. Quantity Write-down on Hand per item 20 75 35 10 Value at Year- End $14 38 50 35 Total Write- down TOT Required 1 Required 2 >

E7-14 (Static) Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] Sandals Company is preparing the annual financiai statements dated December 31 . Ending inventory is presently recorded at its total cost of $5,465. Information about its inventory items follows: 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 ltems. 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 LCN/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items. 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 mficetinet 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. 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 ? 1. Compute the LCMINRV 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 LCMINRV rule has been applied to each item. 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 applled to each item