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$.$

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Req $1A$

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,$50,46,,15,],[\backslash$table$[[$Bear Bureaus$]],21,21,,85,],[$Cougar Credenzas,$39,42,,20,],[$Dingo Cribs,$42,42,,15,],[$Elephant Dressers,$34,28,,50,]]$