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help please? Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $16,725. Information
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Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $16,725. Information about its inventory items follows: Product line Air Plow Blister Buster Coolonite Dudenly Quantity on Hand 20 55 85 80 Unit Cost When Acquired (FIFO) $90 30 95 65 Value at Year-End $93 23 91 68 Required: 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 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 312 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each Items item 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. Total Write- down Product Line Air Flow Bilster Buster Coolonite Dudesly Total Quantity on Write-down Hand per item 20 55 85 8 Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Reuired 2 Required 3 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 312 Cost of goods sold will be by Required 1 Required 2 Required 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. Written down inventory Step by Step Solution
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