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. Answer is not complete. 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 Unit Cost (FIFO) NRV per Item Write- down per Item Quantity on Hand Total Write- down Alligator Armoires $ 20 $ 18 69 $ 2 90 $ 180 Bear Bureaus 40 40 0 60 0 Cougar Credenzas 54 62 0 100 0 Dingo Cribs 34 34 0 10 0 Elephant Dressers 36 30 69 6 80 $ 480 < Req 1A Req 1B >