Mitchell's SpeciaIties sells high-end furniture (dressers, chairs, sofas, and tables). The company has been in business for several years. Based on its experience, management projects next year's sales prices of year-end inventory using the trend in monthly sales prices during the current year. Presented below are those trends in sales prices for each of its four types of inventory, as well as next year's projected sales price. Also presented are the number of units of ending inventory and the average cost of each of those units. Average Monthly Sales Prices and Projections $3,000 $2,500 $2,000 $1,500 $1,000 $2,676 $500 $0 $1,177 January February March May June 6870 August September $658 October November December Dressers Chairs Sofas Projection Tables April July Units of Ending Inventory Average Unit Cost of Ending Inventory 75 $1,800 $1,670 80 $1,540 $1,600 65 70 $1,400 60 $1,200 50 $1,000 $810 40 $800 30 $600 $320 20 $400 10 $200 $0 Sofas Sofas Chairs Tables Chairs Tables Dressers Dressers 20 40 4. Prepare the year-end adjusting entry to record inventory using the lower of cost or net realizable value method (Hint: Be sure to account for the number of units of ending inventory in your calculation) Complete this question by entering your answers in the tabs below. Required 4 Required 1 Required 2 Required 3 Prepare the year-end adjusting entry to record inventory using the lower of cost or net realizable value method (Hint: Be sure to account for the number of units of ending inventory in your calculation). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the inventory using the lower of cost or net realizable value Note: Enter debits before credits. Journal entry worksheet 1 Record the inventory using the lower of cost or net realizable value. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry View general journal Clear entry