E7.13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] Peterson Furniture Designs is preparing the annual financlal statements dated December 31. Ending inventory information about the five major items stocked for regular saile 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. Complete the table column "Write-Down per Item" and then sum the final column