Mitchell's Specialties 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 $2.676 $3,000 $2,500 $2,000 $1,500 $1,000 $1177 6870 $500 5658 $0 April May June Am nany September December Projection October November March January February Dressers Chairs Sofas Tables Units of Ending Inventory 75 80 Average Unit Cost of Ending Inventory $1,670 $1,540 70 40 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $810 20 20 $320 10 0 Dressers Chairs Sofas Tables Dressers Chairs Sofas Tables Units of Ending Inventory Average Unit Cost of Ending Inventory $1,670 $1,540 & R8 R9 $1.000 $1,600 $1,400 $1.200 $1,000 $800 S600 $400 $200 SO 5810 11 $320 Dresses Chairs Sofas Tables Dressers Chairs Sofas Tables Click here to open the graphs in a new tab. Required: 1. Which type of Inventory has seen the greatest growth in sales prices over the current year? 2 Which type of inventory has seen the greatest decline in sales prices over the current year? 3. Based on the trend lines provided for which Inventory Items does management project to sell below its average unit cost in the following year (Hint: Compare projected sales prices to the bar chart showing average unit cost? 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: Required 2 Required 3 Required 4 Which type of inventory has seen the greatest growth in sales prices over the current year? Dressers Chairs Sofas Tables Required Required 2 >