Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $14,525. Information about its inventory items follows: Quantity Unit Cost When Acquired Value at Year- Product Line Air Flow on Hand 60 30 60 55 (FIFO) $ 60 40 75 End $ 67 38 68 95 102 Blister Buster Coolonite Dudesly 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 market/net 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. Required 1 Required 2 Required 3 Compute the LCM/NRV write-down per unit and in total for e for all items. Quantity on Write-down Total Write- Product Line Hand per item down Air Flow Blister Buster Coolonite Dudesly Total 4 888 30 60 55 60 $ 0 Required 1 Required 2 Required 3 How will the write-down of inventory to lower of cost or market/net realiz for the year ended December 31? Cost of goods sold will be by Required 1 Required 2 Required 3 Compute the amount that should be reported for the in each item. Written-down inventory