O'Donald Corporation provided the following information regarding its ending inventory for the current year. O'Donald manufactures...

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O'Donald Corporation provided the following information regarding its ending inventory for the current year. O'Donald manufactures three types of athletic shoes. Selling costs are 10% of the selling price. The company values its ending inventory at the lower of LIFO cost or market. There are 1,000 units of each product in inventory. Complete the table below to identify the per unit cost, market value and LCM amounts for each product. Product Assure Billow Cost Market LCM Cort Total Requirement a. Compute the amount of write-down, if any, on both an individual and a total inventory basis. (Enter a "0" if no LCM loss adjustment is required.) Assuming O'Donald uses the individual-item basis for LCM computations, it will record a loss adjustment. per unit Determine the amount of write-down with the lower of cost or market rule using the total inventory basis. (Enter a "0" if no LCM loss adjustment is required.) Assuming O'Donald uses the total inventory basis for LCM computations, it will record a loss adjustment. per unit Requirement b. Prepare any journal entries necessary to reflect the inventory at lower of cost or market assuming O'Donald uses the indirect method. (Record debits first, then credits. Exclude explanations from any journal entries. Check your spelling carefully and do not abbreviate. If an account has the wording write-down in the account name, enter the word with the dash included and no snaces arund the dash "write-down") O'Donald Corporation provided the following information regarding its ending inventory for the current year. O'Donald manufactures three types of athletic shoes. Selling costs are 10% of the selling price. The company values its ending inventory at the lower of LIFO cost or market. There are 1,000 units of each product in inventory. Complete the table below to identify the per unit cost, market value and LCM amounts for each product. Product Assure Billow Cost Market LCM Cort Total Requirement a. Compute the amount of write-down, if any, on both an individual and a total inventory basis. (Enter a "0" if no LCM loss adjustment is required.) Assuming O'Donald uses the individual-item basis for LCM computations, it will record a loss adjustment. per unit Determine the amount of write-down with the lower of cost or market rule using the total inventory basis. (Enter a "0" if no LCM loss adjustment is required.) Assuming O'Donald uses the total inventory basis for LCM computations, it will record a loss adjustment. per unit Requirement b. Prepare any journal entries necessary to reflect the inventory at lower of cost or market assuming O'Donald uses the indirect method. (Record debits first, then credits. Exclude explanations from any journal entries. Check your spelling carefully and do not abbreviate. If an account has the wording write-down in the account name, enter the word with the dash included and no snaces arund the dash "write-down")