Garbage Corporation uses the lower of cost or net realizable value for inventory valuation. Data regard company's inventories are as follows: The general ledgers showed the following balances Finished goods Work-in-process Raw materials Allowance: Finished goods Raw materials Cost The following information were further furnished to you by the client Finished Goods Cost Selling price Estimated cost to sell, as % of sales Work-in-process Cost Selling price Estimated cost to complete Replacement cost Normal profit margin as % of selling price Raw Materials - Item M Cost Current purchase price Raw Materials - Item P Cost Current purchase price Item M Raw Materials - Item P Cost Current purchase price Item P Item Q Finished Goods 540,000 430,000 Cost Item M 550,000 550,000 675,000 20% Item M 240,000 360,000 48,000 208,000 25% A 250,000 250,000 X 400,000 450,000 D 375.000 395,000 620,000 820,000 Selling Price P1,430,000 748,000 675,000 2,875,000 Item P B (10,000) (40,000) Item P Y E 540,000 620,000 15% 188,000 289,000 97,650 168,000 35% 500,000 480,000 300,000 275,000 Required: 1) What is the correct Finished Goods Inventory to be reported at the balance sheet date for items M, 2) What is the correct Work-in-process Inventory to be reported at the balance sheet date for items M 3) What is the correct total raw materials for Item M, to be reported at the balance sheet date? 4) What is the correct total raw materials for Item P, to be reported at the balance sheet date? 5) What is the correct total raw materials for Item Q, to be reported at the balance sheet date? 6) What is the total loss on inventory write-down to be reported for the period? 450,000 420,000 93,000 123,000 Estimated Cost to Sell Item Q 135,000 430,000 820,000 15% Item Q 320,000 735,000 74,000 375,000 40% 400,000 375,000 Z 200,000 180,000 527,000 697,000 NRV 540,000