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: 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 Record inventory write down to LCM/NRV. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal 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. Item Unit Cost NRV per (FIFO) Item $ 30 $ 24 40 40 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Write-down Quantity Total Write- per Item on Hand down $ 6 50 $ 300 75 0 0 100 0 30 0 $ 30 400 $ 1,200 30 52 30 12