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 Total LC&NRY Alligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers Ending Inventory Unit Cost Net Quantity When Realizable LC&NRV on Hand Acquired Value at per Item (FIFO) Year-End 55 $ 20 $ 17 $ 17 80 45 45 45 15 55 57 57 35 35 35 35 425 15 11 11 8888 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