Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending Inventory Information about the tive major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per item and then sum the final column 1-5. 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 L.CM/NRV. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 Reg 2 Complete the table column "Write-Down per Item" and then sum the final column Write Lint NRV Du Reg 1A Reg 18 Reg 2 Complete the table column "Write-Down per Item" and then sum the final column NRV per Write-down per Item Total Writo- down Item Unit Cost (FIFO) $ 60 $ 53 52 Itom Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Quantity on Hand 10 85 75 53 21 23 20 20 90 39 36 70 DROGA Req 1B > 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 Complete this question by entering your answers in the tabs below. Req 1A Reg 13 Reg 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down Record inventory write down to LCM/NRV. Note: Enter debits before credits. Credit Date General Journal December 31 Loss on Disposal of PPE Inventory Debit 290 290