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 LCMNRV rule is epplied 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. Complete the table column "Write.-Down per ltem" and then sum the final column. Complete the table column "Write-Down per Item" and then sum the final column. 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. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Journal entry worksneex Record inventory write down to LCM/NRV. Note: Eniter debits before credits