7 Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about 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 dile 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. Book Complete this question by entering your answers in the tabs below. Hint Reg 1A Reg 1B Reg 2 Print Complete the table column "Write-Down per Item" and then sum the final column. References Write-down NRV per itom Quantity on Hand 15 Total Write- down per Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Unit Cost (FIFO) Item $ 30$ 24 37 37 37 43 36 36 32 30 50 55 75 36 Reg 1B >