Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $9,375. Information about its inventory items follows: Quantity on Hand Unit Cost When Value Product Line Air Flow Blister Buster Coolonite Dudesly Acquired (FIFO) at Year-End 30 $95 $103 30 75 73 50 75 69 15 35 39 Required: 1. Cdinpute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31? 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item. Complete this question by entering your answers in the tabs below. Required 1 Required 3 Required 2 Compute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items. 1. Compute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items. 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31? 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items. Quantity on Write-down Hand Total Write- down Product Line per item Air Flow 30 65S 103 73 Blister Buster 45 30 Coolonite 50 25 69 Dudesly 15 20 39 Total Required: 1. Compute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items. 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31? 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31? Cost of goods sold will be by Required 1 Required 3 1. Compute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items. 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31? 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item. Written-down inventory
