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. Req 1A Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost NRV per (FIFO) Write-down per item Quantity on Hand Hem $ Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Req 18 40 $ 31 34 20 24 32 31 40 20 20 e 14 CENKY 40 15 90 85 35 Req 1B > Total Write- down Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending Inventory information about th 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. Req 1A Req 18 Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its Inventory to LCM/NRV. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Journal entry worksheet Req 2 Record Inventory write down to LCM/NRV. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry