Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently...
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Accounting
Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $5,400. Information about its inventory items follows:
- 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.
- How will the write-down of inventory to lower of cost or marketet realizable value affect the companys expenses reported for the year ended December 31?
- Compute the amount that should be reported for the inventory on December 31, after the LCM/NRV rule has been applied to each item.
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