How will the write-down of inventory to lower of cost

Reference no: EM131973968

Problem

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

Product Line	Quantity on Hand		Unit Cost When Acquire(FIFO)		Market Value at Year-End
Air Flow		30	$	14	$	16
Blister Buster		85		36		34
Coolonite		33		65		60
Dudesly		20		26		31

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

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: EM131973968

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