Help with requirement 3 please

Ch 7 Assignment Saved Help Save & Exit Subm Check my work 3 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: N points 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. eBook Complete this question by entering your answers in the tabs below. Hint Req 1A Reg 1B Reg 2 Print Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no is required for a transaction/event, select "No Journal Entry Required in the first account field.) References View transaction list Journal entry worksheet Record inventory write down to LCM/NRV. Note: Enter debits before credits. Debit Credit Date General Journal December 31 Cost of Goods Sold Inventory Record entry Clear entry View general journal