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 the table column Write-Down per Item and then sum the final column.

Item	Unit Cost (FIFO)	NRV per Item	Write-down per Item	Quantity on Hand	Total Write-down
Alligator Armoires	$60	$52		55
Bear Bureaus	37	37		75
Cougar Credenzas	31	36		25
Dingo Cribs	35	35		85
Elephant Dressers	32	26		35