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.

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

$2.$ 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.$)$