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-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. Req 1A Req 18 Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost NRV per Item (FIFO) Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ Bear Bureaus Cougar Credenzas 21 Dingo Cribs Elephant Dressers 33782 60 $ 52 53 20 39 22222 10 53 85 23 75 20 00 36 70 Req 18 >