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 NRV per Write-down Quantity on Hand Total Write- Item (FIFO) Item per Item down Alligator Armoires $ 50 $ 45 95 Bear Bureaus 43 43 50 Cougar Credenzas 45 53 45 Dingo Cribs 22 22 80 Elephant Dressers 53 48 75 %24