E7-13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) 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 Complete the table column "Write-Down per Item" and then sum the final column. Item Write-down per Item Total Write down Unit Cost NRV per (FIFO) Item s 40$ 35 22 22 27 31 28 28 49 47 Quantity on Hand 55 35 Alligator Amoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressors 40 25 10 Reg 1A Req 18 > Hints E7-13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Valu Person Future Designs preparing the annual financial statements des December 31 Ending we ve majoritoms stocked for regular sa follow Required 1a. Compte the table column wide-Down per and the sun the first column 1. Corite the amount of the total wit-down when the LCMNRV sed to achie 2. Prepare the journal entry Peterson Future Desis would record on December 31 write down Complete this question by entering your answers in the the below. Reen Corove the rest of the total weduwe LOV od to each com RSA Reg 2 ) 24 18 Next > 5 2 5 5 6 W E R Y S D F G H 3 C V B N 2 Required ta. Complete the table column write Down personalum 1-5. Comte the stunt of the tool whe-down when the LCMV id so each 2. Prepare the journal entry Peterson Fume Design word on December to write down its inventory to CMNRV Complete this question by entering your answers in the below TA 10 Prepare the many bre De Dere to write retary to LOWRY for action med Journal entry worksheet second mowite ow to LCHI Dale 2 w 2 HE C 1 0 M 3 1 4 6 7 2 5 6 8 9 Q W E R T Y 1 0 A S D F G H J K L N z C V B N M. V - 36 om command Command