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: Product Line Air Flow Quantity on Hand Unit Cost When Acquired (FIFO) Value at Year-End 60 $ 60 $ 67 Blister Buster 30 40 38 Coolonite Dudesly 60 55 75 68 95 102 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. 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. Write-down per item Product Line Quantity on Hand Air Flow 60 $ Blister Buster 30 Coolonite 60 Dudesly 55 Total Total Write- down 0 $ 0