Olsen Corporation provided the following information regarding its ending inventory for the current year. Olsen 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. (Click the icon to view the data.) Read the requirements. Complete the table below to identify the per unit cost, market value and LCM amounts for each product. Product Amble Bamber Caster Cost Market LCM Total Requirement a. Compute the amount of write-down, if any, on both an individual and total inventory basis. (Enter a "0" if no LCM loss adjustment is required.) Assuming Olsen 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 Olsen uses the total inventory basis for LCM computations, it will record a loss adjustment. per unit Requirements a. Compute the amount of write-down, if any, on both an individual and a total inventory basis. b. Prepare any journal entries necessary to reflect the inventory at lower-of-cost-or-market assuming Olsen uses the indirect method. c. Repeat requirement (b) assuming that Olsen uses the direct method to record any required write-down to lower-of-cost-or-market. (Assume that Olsen Corporation is a U.S. GAAP reporter.) Print Done Requirement b. Prepare any journal entries necessary to reflect the inventory at lower of cost or market assuming Olsen 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 spaces around the dash, "write-down".) Assuming Olsen uses the individual-items basis for LCM computations, it will record the following journal entry for the 1,000 units: Account Year-end Assuming Olsen uses the total inventory basis approach for LCM computations, it will record the following journal entry for the 1,000 units: Olsen Corporation provided the following information regarding its ending inventory for the current year. Olsen 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 (Click the icon to view the data.) Read the requirements Assuming Olsen uses the total inventory basis approach for LCM computations, it will record the following journal entry for the 1,000 units: Account Year-end Requirements a. Compute the amount of write-down, if any, on both an individual and a total inventory basis. b. Prepare any journal entries necessary to reflect the inventory at lower-of-cost-or-market assuming Olsen uses the indirect method. c. Repeat requirement (b) assuming that Olsen uses the direct method to record any required write-down to lower-of-cost-or-market. (Assume that Olsen Corporation is a U.S. GAAP reporter.) Print Done Requirement c. Repeat requirement (b) assuming that Olsen uses the direct method to record any required write-down to lower of cost or market. (Record debits first, then credits. Exclude explanations from any journal entries. Check your spelling carefully and do not abbreviate.) Assuming Olsen uses the individual-items approach for LCM computations, it will record the following journal entry for the 1,000 units: Account Year-end Assuming Olsen uses the total inventory basis approach for LCM computations, it will record the following journal entry for the 1,000 units: Account Year-end