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 $2$

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.$)$

Journal entry worksheet

$1$

Record inventory write down to LCM$/$NRV$.$