NOTE: PLEASE PROVIDE ALL CALCULATIONS and EXPLAINING. Thanks!

PHL follows a policy of FIFO costing, and values items at the lower of cost and net realizable value based on an individual item basis. The hotel has a standing weekly order at set prices with a local catering firm. If the food is not eaten before the next delivery is received, it is donated to the local women's shelter. This ensures that all meals are of appropriate quality for the hotel guests. Calculate the carrying value of each inventory item as at December 31. Identify any inventory that requires a write down along with the amount of write down. The hotel also maintains an inventory of white terry cloth bathrobes and towels that are available for sale to its clients. At December 31 , the following information is available: * The extra-large towels are no longer popular and management has decided to discontinue them. It offers the hotel staff a 20% commission for all extra-large towels they sell at the sale price of $17.00