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Sanchez Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31 , current year, Ending inventory information about the four major items stocked for regular sale follows: Required: 1. Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 2. What will be the effect of the write-down of inventory to lower of cost or net reallzable value on cost of goods sold for the year ended December 31, current year? Complete this question by entering your answers in the tabs below. Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applicd on an item-by-item bosis. FederalWay, Incorporated, is a major department store chain. The dominant portion of the company's business consists of providing merchandise and services to consumers through department stores and online. In a prior annual report, FederalWay reported cost of goods sold of $11,569 million, ending inventory for the current year of $3,264million, and ending inventory for the previous year of $3,633 million. Required: Develop a reasonable estimate of the merchandise purchases for the year. Note: Enter your answers in millions