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 31,2012. Salespeople earn a 20 percent commission on all sales and normal profit margin is 40 percent of the selling price of an item Trendy Ugg boots Boring loafers Cool mules 20,000 $185 $280 clogs 30,000 $92 110 Units in ending inventory 100,000 50,000 Cost $150 $130 Selling price $170 Replacement cost Estimated cost to sell (20% sales commission) Ceiling $150 $120 $190 $90 0 S34 S56 $22 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 (i.e. no longer saleable) Using the given information, calculate ceiling values, floor 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 a