E7-9 Reporting Inventory at Lower of Cost and Net Realizable Value [LO7-4] Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: Complete the final two columns of the table. Ending Inventory Unit Cost Item Quantity on Hand When Acquired Net Realizable LC&NRV Total Value at per Item LC&NRV (FIFO) Year-End Alligator Armoires 67 $ 32 $ 29 Bear Bureaus 92 57 57 Cougar Beds 27 67 69 Dingo Cribs 47 47 47 Elephant Dressers 485 27 23 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending inventory