Peterson Furniture Designs is preparing the annual financial statements dated December 31, 2012. Ending inventory information about the five major items stocked for regular sale follows:

.

Complete the final two columns of the table.

Item	Quantity on Hand	Unit cost when aquired(FIFO)	Market Value at Year End	LCM Per Item	Total LCM
A	80	48	43
B	90	85	85
C	15	95	97
D	40	40	40
E	410	30	27

Compute the amount that should be reported for the 2012 ending inventory using the LCM rule applied to each item.

Ending Inventory:________

Prepare the journal entry that Peterson Furniture Designs would record on December 31, 2012. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1.)record Inventory write down LCM

Date	General Journal	Debit	Credit