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 1B Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Item Alligator Armoires Unit Cost (FIFO) NRV per Item Write-down per Item Quantity on Hand Total Write- down $ 50 $ 43 20 Bear Bureaus 54 54 85 Cougar Credenzas 42 45 75 Dingo Cribs 60 60 90 Elephant Dressers 45 39 20 < Req 1A Req 1B >