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. Reg 1A Reg 1B Complete the table column "Write-Down per Item and then sum the final column Write-down per item Total Write- down Item Unit Cost (FIFO) $ 30 31 NRV per Item $ 24 31 Quantity on Hand 65 30 57 45 Aligator Armoires Boar Bureaus Cougar Credenzas Dinge Cribs Elephant Dressers 95 55 40 55 34 25 10 of 10 Sho 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. Reg 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 Reg 1A