Question 4: Inventory (Lower of cost or market rule) Schmeit's Shoe Box is a large retail chain with 200 stores nationwide. The following table gives data pertinent to items included in Schmeit's inventory on December 31, 2005. Salespeople earn a 20 percent commission on all sales and normal profit margin is 40 percent of the selling price of an item. Ugg Boring Trendy Cool boots loafers mules clogs --\" Estimated cost to sell (20% sales commission) Ceiling Floor Unit inventory value under LCM rule *A. Schmeits, the Company's CEO, recently read an article in People magazine stating that Ugg boots are no longer in fashion and as a result, deemed the Ugg boots held in the company's inventory as worthless (Le. no longer saleable). 3. Using the given information, calculate ceiling values, oor values and the unit inventory value under the lower-of-cost-or-market rule for each of the items included in Schmeits's inventory. Please write your answers in the space provided in the table above. Include any supporting calculations in the space below