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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 Complete the table column "Write-Down per Item and then sum the final column. Item NRV per Unit Cost (FIFO) S 60 Item Total Write down $ S Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 55 53 55 56 55 59 55 14 Write down per Item $ 4 0 0 0 S 8 Quantity on Hand 50 30 80 70 50 88888 10 0 0 0 28 22 $ Res 1 Req 18 > Req 1A Reg 1B Reg 2 Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet