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. Item Unit Cost (FIFO) NRV per Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 30 $ 27 35 Bear Bureaus 59 59 0 15 Cougar Credenzas 40 42 75 Dingo Cribs 39 39 0 75 Elephant Dressers 32 28 45