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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.)

Unit Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $65 per unit) e. Sale, october 31 (sold for $68 per unit) f. Operating expenses (excluding income tax expense, $615,000 Units Cost 4,000 $20 10,000 21 6,000 23 4,500 9,000 equired . Calculate the number and cost of goods available for sale 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted avera 6. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below Required 1Required 2Required 3 Required 4 Required 6 Prepare an income statement that shows the FIFO method, LIFO method and weighted average me SCORESBY INC Income Statement For the Year Ended December 31 Weighted Average FIFO LIFO Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses $ 904,500 904,500 904,500 288,900 615,600 615,000 279,500 625,000 615,000 295,500 609,000 615,000 Income (Loss) from Operations 10,000 (6,000) 600 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 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. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal