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: 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 Record Inventory write down to LCM/NRV Note Enter debts before credits Date December 31 General Journal Debit Credit 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. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Complete the table column "Write-Down per Item" and then sum the final column. Item NRV per Write-down per item Unit Cost (FIFO) S 40 48 Item $ 36 Total Write- down Quantity on Hand 20 30 48 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 27 40 24 51 24 51 70 75 17 Req 18 > [The following information applies to the questions displayed below.) 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 15 Compute the amount of the total write down when the LCM/NRV rule is applied to each item Total amount of write down