Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 Complete the table column "Write-Down per Item" and then sum the final column. Write-down Total Write- down Item per Item Unit Cost (FIFO) $ 50 21 39 NRV per Item $ 46 21 42 Quantity on Hand 15 85 20 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 42 15 42 34 28 50 12 Reg 18> Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. Req1A Reg 1B Reg 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down Journal entry worksheet