Ousel Clothing Wholesalers, Inc. provided you with the following information regarding inventory as of December 31, 2015 EEB (Cick the icon to visw the inventory information) (Click the icon to view the abbreviation definitions.) EE (Click the icon to view the inventory nform abon.) Normal Assume that Ousel uses the individual item approach for computing the necessary lower-of-cost-or-market rule adustment Selling Dis Profit Price CosMargin Celling) NRV NRV- NP 3 (Cick the icon to view the lower-of-cost-or-market information.) Item Cost (Floor) CRC What is the journal entry to record the write-down under the direct method? What is the journal entry to record the write-down under the indirscta method? Assume that Ousel had a beginning allowance balance of zero. Shorts Men Jeans-Men Shirts and Blouses S 21,50D S 46,000 $ 16,500 S 9,000S 29,500 $ 9,700 2,500 17,000 12,000 20,500 S 24,500 18,900 4,800 13,600 0,600 Dagin by preparing the joumal entry needed to record the write-down under the direct method (Record debits first, then credits. Exclude explanations from any joumal entries.) 0,900 23,8D0 5,500 9,600 23,000 ,100 2200 3,900 1,100 4.400 6,100 43,400 31,400 900 17.500 1.400 12,600 10,100 6,400 Account December 31, 2015 6,0004.4 Jeans-Women (Click the icon to view the abbreviation delintions Current Replacement Cost s Normal Profit - Net Realizable Value Now prepare the journal entry needed to record the write-dowm under the indirect method NP December 31, 2015 NRV (Click the icon ta view the lower ofcostarrnrket infarmation ) Lower of Item Shorts Men Jeans Men Shirts and Blousas Skirts Jeans - Women TOTAL Market Value Cost or Market 21,500 $ 20,900 5,500 9,600 16,100 24,500 S 18,900 2,500 3,600 10,100 1,500 18,900 2,500 9,600 10,100 62,600 $ 73,600