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 LC&NRV Item Quantity on Hand Unit Cost When Acquired (FIFO) Net Realizable Value at Year-End Total LC&NRV per Item 61 $ 26 $ 23 86 51 51 Alligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers 21 61 63 41 41 41 455 21 17 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