E7-10 Reporting Inventory at Lower of Cost or Market [LO 7-4) The following information applies to the questions displayed below.] 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: References Section Break E7-10 Reporting Inventory at Lower of Cost or Market LO 7-4] 1.00 points E7-10 Part 1 Required: 1-a. Complete the two columns of the table. Item Quantity on Hand Unit Cost When Market Value LCM per Acquired (FIFO) at Year-End Total LCM Recorded Total Cost S S 70 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 50 75 20 50 500 90 50 3027 2.400 5.250 1.800 2.500 15.000 L 1-b. Compute the amount that should be reported for the ending inventory using the LCM rule applied to each item. Endling Inventory E7-10 Part 2 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31 to write- down its inventory to LCM (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record inventory write down to LCM. Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general journal