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

Item Quantity on Hand Unit Cost

When

Acquired $($FIFO$)$ Net

Realizable

Value at

Year$-$End LC&NRV

per Item Total:

LC&NRV

Alligator Armoires $6934$ $

$31$

Bear Bureaus $945959$

Cougar Beds $296971$:

Dingo Cribs $494949$

Elephant Dressers $4952925$

$1-$b$.$ Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item.

Ending inventory