Example: LCM (FIFO) Colette Jean Inc. has the following inventory as of December 31, 2017: Profit Cost SellngDisposal Price Current Margin Replacement Costs 2,000 Jeans - Men 20,000 23,000 4,000 18,000 31,000 Jeans - Women 15,00043,000 1,000 9,000 Jeans - Kids 8,000 20,000 12,000 5,000 4,000 Determine if any write-down is necessary and if yes, the write-down amount, und er the assumption that Colette uses (a) an item-by-item approach or (b) an aggr egate approach. Assume Collette uses FIFO inventory costing