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Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2 Complete the table column "Write-Down per Item" and then sum the final column Item Write-down per Item Quantity on Hand 55 Total Write down Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Unit Cost NRV per (FIFO) Item 40 $ 35 22 22 27 31 28 28 9 NS 35 40 25 49 47 10 RA Req 1B > Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column 1-b. Compute the amount of the total write down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 Compute the amount of the total write down when the LCM/NRV rule is applied to each item. Total amount of write-down Check my woln 1-a. Complete the table column "Write-Down per Item" and then sum the final column 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2 Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventor is required for a transaction/event, select "No Joumal Entry Required" in the first account field.) . View transaction list st Journal entry worksheet ences 1 > Record inventory write down to LCM/NRV. Note: Enter debits before credits General Journal Date December 31 Debit Credit Record entry Clear entry View general journal

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