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. 1-a. Complete the table column Write-Down per Item and then sum the final column.
2. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item.
3. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV.

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. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost NRV per (FIFO) Item $ 60 $ 56 Write-down per Item Total Write- down Quantity on Hand 50 30 55 Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 8 | 9 | 8. 55 53 59 55 55 80 70 50 22 14 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. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2 Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no 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. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal