Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently...
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Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $3,575. Information about its inventory items follows Value at Year-End $42 38 10 54 Product Line Air Flow Blister Buster Coolonite Dudesly Quantity on Hand 45 Uhit Cost When Acquired (FIFO) $40 40 15 45 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 company's expenses reported for the year ended December 31? rule has been applied to each item 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the 3. Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV 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 ove for all items Quantity on Hand Write-down per item Total Write down Product Line Air Flow Blister Buster Coolonite Dudesly Total 45 15 45 10
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