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CH 7 HW Help Save & Exilt Chec Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventony information about the five major items stocked for regular sale follows 2. Prepare the journal entry Peterson Furniture Designs would record on Decembe r 31 to write down its inventory to LC/NRv entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record inventory write down to LCM/NRV. Note: Enter debits before credits December 31 Help Save & E Required information The following information applies to the questions displayed below) 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 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. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost NRV per Quantity Total per Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 30 27 21 23 $ 27 27 27 23 32 15 40 100 100 34 Prev 6 7 of 11 Next > Help Save & Ex Chec Required information The following information applies to the questions displayed below 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 Complete this question by entering your answers in the tabs below Req 1A Req 18 Compute the amount of the total wite-down when the LCM/NRV rule is applied to each item. Req 1A