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Question #4 (of 6) Peterson Furniture Designs is preparing the annual financial statements dated December...

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Question #4 (of 6) Peterson Furniture Designs is preparing the annual financial statements dated December 31, 2012. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the final two columns of the table. 1-b. Compute the amount that should be reported for the 2012 ending inventory using the LCM rule applied to each item. 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31, 2012. (If no entry is required for a transaction/event, select No Journal Entry Required in the first account field.) Journal Entry WorksheetRecord inventory write down to LCM

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