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. Reg 1A Reg 1B Reg 2 Complete the table column "Write-Down per Item" and then sum the final column. Write-down per Item Total Write- down Unit Cost (FIFO) $ 50 57 NRV per Item $ 46 57 Quantity on Hand 95 65 Item Aligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 46 49 90 41 60 41 45 41 75 RUGIA Reg 1B > Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down ( Req 1A Req 2 > MICU IL OLLUT TE.) View transaction list Journal entry worksheet Record inventory write down to LCM/NRV. Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general journal