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 67 $ 32 $ 29 Bear Bureaus 92 57 57 27 67 69 Cougar Beds Dingo Cribs Elephant Dressers 47 47 47 485 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 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record the write-down in inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal