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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

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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: 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCMNRV. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit Credit No 1 Date December 31 2 Cash Deferred Revenue 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 Reg 1B Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost (FIFO) NRV per Item Write-down per Item Quantity o n Hand Total Write- down Alligator Armoires Boar Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 100 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. Reg 1A Reg 13 Compute the amount of the total write down when the LCM/NRV rule is applied to ea Total amount of write down

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