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: value: 1.50 points Required 1-a. Complete the two columns of the table Quantity on Hand Unit Cost When Acquired (FIFO) Market Value at Year-End LCM per Item Recorded Total Cost Item Total LCM Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 50 $ 75 10 30 30 $ 40 50 30 15 24 40 52 30 12 1,500 3,000 500 900 6,000 400 1-b. Compute the amount that should be reported for the ending inventory using the LCM rule applied to each item Ending Inventory