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: 1-a. Complete the final two columns of the table. Ending Inventory Unit Cost When Acquired (FIFO) Item Quantity on Hand Net Realizable LC&NRV Total Value at per Item LC&NRV Year-End Alligator Armoires Bear Bureaus 68 $ 33 $ 30 93 58 58 Cougar Beds 28 68 70 Dingo Cribs 48 48 48 Elephant Dressers 490 28 24 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending Inventory 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31. (If no entry is required for e transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A N Ints Skipped Journal entry worksheet < A Record the write-down in inventory. eBook Note: Enter debits before credits. Print References Transaction 1 General Journal Debit Credit > Record entry Clear entry View general journal Next>