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 Cougar Credenzas Dingo Cribs Elephant Dressers 85532 60 $ 37 Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost NRV per (FIFO) Item Alligator Armoires $ Bear Bureaus Item Write-down per item Quantity on Hand Total Write- down 52 55 37 75 31 36 25 35 85 26 35 CRA Req 18 >