Required 1-a. Complete the two columns of the table. 1-b. Compute the amount that should be reported for the ending inventory using the LCM rule applied to each item. Ending Inventory _______ 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31 to write-down its inventory to LCM. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)