Problem #5 (Lower of Cost or Market - LCM) Melissa's Wing-Bang Washing Machine Mfg. makes washing machines. Most of Melissa's washing machines are standard models and are sold on the basis of catalog prices. The company has adopted a lower of FIFO cost or market approach applied to inventory on an individual item basis. At December 31, 2021 the following finished washing machines appear in the company's inventory. B D Finished Washers - Models --> 2021 catalog selling price FIFO cost per inventory list Est. cost to re-manufacture (REPCO) Costs of disposal "Normal" gross profit margin # of units in 12-31-21 inventory $ $ S $ A 700 $ 460 $ 440 $ 145 $ 15% 800 750 $ 495 $ 480 $ 160 $ 20% 500 800 $ 610 $ 615 $ 180 $ 22% 1,000 1,000 740 810 200 24% 600 Calculate the: a. "Designated" market for each item b. LCM unit cost assigned to each item @ 12-31-21 C. LCM total inventory value d. Total amount of the inventory "write-down" @ 12-31-21