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. Item LC&NRV per Item Total LC&NRV Ending Inventory Unit Cost N et Quantity When Realizable on Hand Acquired Value at (FIFO) Year-End 58 $ 23 $ 20 83 18 60 $ $ 48 48 Alligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers 58 20 48 58 38 14 1,160 3,984 1,044 1,444 6,160 38 440 18 141 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending inventory $ 13,792 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 Credit General Journal Debit Cost of goods sold Inventory This is a numeric cell, so please enter numbers only. Record entry Clear entry View general journal