Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $14,800. Information about its inventory Items follows: Quantity on and Unit Cost When Required (FIFO) $20 Value at Year-End 50 Product Line Air Plow Blister Buster Coolonite Dudenly 100 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 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. Product Line Quantity on Write down Total Write Hand per item down Air Flow Bilster Buster Coolonite Dudesly Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded Its total cost of $14,800. Information about its inventory Items follows: Quantity on Hand Value at Year-End Unit Cost When Acquired (PIPO) $ 20 60 Product Line Air Plow Blister Buster Coolonite Dudesly 50 100 40 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-do for all items. 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses report 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 by L Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $14,800. Information about its inventory items follows: Quantity on Hand Unit Cost When Aequired (PIPO) $ 20 60 100 Value at Year-End $22 Product Line Air Flow 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 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. Writton-down inventory Required 2
