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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 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 14 Reg 18 Reg 2 Complete the table column"Write-Down per Item" and then sum the final column. Item NRV per Write down per Item Total Write down Item 54 Alligator Armoires Beat Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Unit Cost (FIFO) 5 50 5 53 23 20 52 53 30 20 48 Quantity on Hand 35 55 90 75 70 Required: 1-a. Complete the table column "Write-Down per Item" and then sum ti 1-b. Compute the amount of the total write-down when the LCM/NRV 2. Prepare the journal entry Peterson Furniture Designs would recor Complete this question by entering your answers in the tabs belo Reg 1A Reg 1B Reqk Reg 2 Compute the amount of the total write-down when the LCM/NRV rule is ap Total amount of write-down