Peterson Furniture Designs is preparing the annual financial statements dated December $31.$ Ending inventory information about the five m$$jor 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.

Complete the table column "Write$-$Down per Item" and then sum the final column.

$\backslash$table$[[$Item$,\backslash$table$[[$Unit Cost$],[($FIFO$)]],\backslash$table$[[$NRV per$],[$Item$]],\backslash$table$[[$Write$-$down$],[$per Item$]],\backslash$table$[[$Quantity on$],[$Hand$]],\backslash$table$[[$Total Write$-],[$down$]]],[$Alligator Armoires,$30,24,,65,],[$Bear Bureaus,$31,31,,30,],[$Cougar Credenzas,$54,57,,45,],[$Dingo Cribs,$55,55,,95,],[$Elephant Dressers,$40,34,,25,]]$