Parson Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Value (Market) at Year-End $ 13 Quantity Un Cost When Acquired (FIFO) $ 18 47 Item on Hand 43 68 48 35 Required 1. Compute the valuation that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis. Item Quantity Total Cost LCM Market Valuation 23 2. What will be the effect of the write-down of inventory to lower of cost or market on cost of goods sold for the year ended December 31, current year? write-down to lower of cost or market will cost of goods sold by the amount of the