Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $7,500. Information about its inventory items follows: Product Line Air Flow Blister Buster Coolonite Dudesly Quantity on Hand 95 15 15 85 Unit Cost When Acquired (FIFO) $25 70 45 40 Value at Year-End $31 65 43 48 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 each item in the table. Also compute the total overall write-down for all items Product Line Total Write down Air Flow Blister Buster Coolonite Dudesly Total Quantity on Write down Hand per item 95 15 15 85 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 Labs 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 Wiltten down Inventory