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
Alligator Armoires	61	$26	$23	$23
Bear Bureaus	86	51	51	51
Cougar Beds	21	61	63	61
Dingo Cribs	41	41	41	41
Elephant Dressers	455	21	17	17

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.)