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.) Journal entry worksheet Note: Enter debits before credits. 3. This part of the question is not part of your Connect assignment