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Ending inventory information about the four major items

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Sandals Company is preparing the annual financial statements dated December 31. Ending inventory information about the four major items stocked for regular sale follows:

Required:

1. Compute the amount that should be reported for the ending inventory using the LCM rule applied to each item.

2. How will the write-down of inventory to lower of cost or market affect the company's expenses reported for the year ended December 31? 

Reference no: EM13872298

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