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 Reg 1B Reg 2 Complete the table column "Write-Down per Item" and then sum the final column. Item NRV per Write-down per item Total Write down Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Unit Cost (FIFO) Item $ 60 $ 55 45 45 24 30 38 38 45 37 Quantity on Hand 70 45 50 40 65 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. Reg 1A Req 1B Reg 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down Req 1A Reg 1B Reg 2 Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record Inventory write down to LCM/NRV. Note: Enter debits before credits General Journal Dobit Credit Dato December 31