E7-13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] 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: 1-8. 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 1A. Reg 10 Red 2 Complete the table column "Write Down per Item" and then sum the final column Hem Unit Cost NRV per (FIFO) Write-down per Item Quantity on Hand Total Write- down Aligator Amor S 40 S 35 55 Bear Bureaus 22 22 35 Cougar Credenzas 27 31 40 Dingo Cribs 28 28 25 Elephant Dressers 40 47 10 Ce 1A Req 18 > Check my work