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 10 Req 21 Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost NRV per (FIFO) Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 50 $ 46 95 Bear Bureaus 57 57 65 Cougar Credenzas 46 49 90 Dingo Cribs 41 41 60 Elephant Dressers 45 41 75 Rag 1A Req 18 > Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about t 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 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 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 18 Req 2 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 Journal entry worksheet < Record inventory write down to LCM/NRV Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal