Complete this question by entering your answers in the tabs below. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Journal entry worksheet Record inventory write down to LCM/NRV. Note: Enter debits before credits. 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 joumal 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. Complete the table column "Write-Down per Item" and then sum the final column