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. 1-a. Complete the table column Write-Down per Item and then sum the final column.
2. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item.

Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost (FIFO) $ 60 NRV per Item $ 56 Write-down per Item Quantity on Hand Total Write- down 50 55 30 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs 59 80 55 70 Elephant Dressers 14 50 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down