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. Unit Cost Item (FIFO) NRV per Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 40 $ 32 40 Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 31 31 15 34 40 90 22 20 20 85 24 20 35 < Req 1A Req 1B >