Required information [The following information applies to the questions displayed below.] 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. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Complete the table column "Write-Down per Item" and then sum the final column. Quantity Total Write- Item 665 Unit Cost NRV per Write-down (FIFO) Item per Item $ 20 $ 131 $ 7 53 0 50 57 0 0 37 32 $ 5 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 53 95 $ 80 150 35 $ 175 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. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down $ 840