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 $500 $1,177 6870 $658 May June January February March April Dressers Chairs Sofas & Tables July August September October November December Projection Units of Ending Inventory Average Unit Cost of Ending Inventory 75 $1,670 65 $1,540 $1,800 $1,600 $1,400 $1,200 $1,000 40 $810 $800 20 $600 $400 $200 $320 $0 Dressers Chairs Sofas Tables Dressers Chairs Sofas Tables 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 View journal entry worksheet 12 No Event General Journal Debit Credit Cost of Goods Sold Inventory 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 $500 $1,177 6870 $658 May June January February March April Dressers Chairs Sofas & Tables July August September October November December Projection Units of Ending Inventory Average Unit Cost of Ending Inventory 75 $1,670 65 $1,540 $1,800 $1,600 $1,400 $1,200 $1,000 40 $810 $800 20 $600 $400 $200 $320 $0 Dressers Chairs Sofas Tables Dressers Chairs Sofas Tables 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 View journal entry worksheet 12 No Event General Journal Debit Credit Cost of Goods Sold Inventory