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 Net When Realizable Acquired Value at (FIFO) Year-End Quantity on Hand Item LC&NRV per Item Total LC&NRV 57 $ 22 $ 19 82 47 47 Alligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers 17 57 59 37 37 37 435 17 13 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 Record the write-down in inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal