2. Prepare the journal entry Peterson Furniture Designs World record on December 31 to write down its inventory to LOMNRV. entry is required for a transaction/event, select "No Journal Entry Required in the sta t ed) no View transaction list Joumal entry worksheet Record inventory write down to LCM/NRV. Note: Enter debits before credits. General Journal Debit Credit December 31 Record entry Clear entry View general journal PB7-1 Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System (LO7 Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $8 per unit Total co Unit Cost $2.00 Transactions Inventory January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Units ste (250) 36 (150) Assume that for Specific identification method the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost (FIFO) 30 NRV per Item 24 Write- down per Item Quantity on Hand Write- down 300 S Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant ens 888 B 400 $ 1.200 Reg 1B >