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 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Unit Cost NRV per Write-down (FIFO) Item per Item $ 20 $ 131 53 53 50 57 . 36 321 Quantity Total Write- on Hand down 95 80 15 35 35| 36 Req1A Req 1B > 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. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal