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E7-13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value (LO 7-4] 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: 1-0. Complete the table column "Write-Down per Item" and then sum the final column 1-b. Compute the amount of the total write-cown 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. Reg 1A Reg 18 Reg 2 Complete the table column "Write-Down per Item and then sum the final column Item Write down per item Total Write. down Alligator Armoiros Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressors Unit Cost NRV per (FIFO) Item $ 50 $ 45 43 43 45 53 22 22 53 48 Quantity on Hand 95 50 45 80 75 Req 1B > E7-13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) 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 appiled 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. Reg 1A Req 18 Reg 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down E7-13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value (LO 7.4) Peterson Furniture Designs is preparing the annual financial statements doted 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. Reg 1A Reg 10 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 General Journal Debit Credit Date December 31 Record entry Clear entry View general journal ( Req 18