Sublime Sandals Company is preparing its annual financial statements dated December 31. Ending inventory information about the four major items stocked for regular sale are as follows: Quantity on Hand 20 Unit Cost When Acquired (FIFO) $ 12 Product Line Air Flow Blister Buster Coolonite Dudesly Net Realizable Value at Year-End $ 14 38 40 35 Required: 1. Compute the amount that should be reported for the ending inventory, using the LC&NRV rule applied to each item. Ending inventory 2. How will the write-down of inventory to the lower of cost and net realizable value affect the company's expenses reported for the year ended December 31? Cost of goods sold will be by