Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $13,125. Information about its inventory items follows: TTT Unit Cost When Quantity Value at Year-End 87 Acquired (FIF0) $80 Product Line on Hand Air Flow 75 Blister Buster 20 15 Coolonite 65 95 93 65 10 Dudesly 16 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 2 Required 3 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. Total Write- down Write-down Quantity on Hand Product Line per item Air Flow 75 Blister Buster 20 Coolonite 65 Dudesly Total 65 Required 1 Required 2 Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $13,125. Information about its inventory items follows: Quantity Unit Cost When Value Product Line Acquired FIFO) $80 at Year-End $87 on Hand Air Flow 75 Blister Buster 20 15 Coolonite 65 95 93 Dudesly 65 10 16 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? by Cost of goods sold will be Required 1 Required 3 Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $13,125. Information about its inventory items follows: Unit Cost When Acquired (FIFO) $80 Quantity Value at Year-End $87 Product Line on Hand Air Flow 75 Blister Buster 93 65 16 Dudesly 10 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 3 Required 1 Required 2 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 Required 3 Required 2
