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 $ 60 $ 55 $ 5 70 Bear Bureaus 45 45 45 Cougar Credenzas: 24 30 0 50 Dingo Cribs 38 38 0 40 Elephant Dressers 45 37 $ 8 65