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 Req 1B Complete the table column "Write-Down per Item" and then sum the final column. Item Write-down per Item Quantity on Hand Total Write- down Unit Cost NRV per (FIFO Item $ 300 $ 24 31 Alligator Armoires 65 31 30 54 57 45 Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 55 55 95 40 34 25 Req 1A Req 1B Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down Journal entry worksheet Record inventory write down to LCM/NRV. Note: Enter debits before credits. Date General Journal Debit Credit December 31