Solve 1a, 1b, 2

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. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Reg 2 Complete the table column "Write-Down per Item" and then sum the final column. Write-down Item NRV per Item $ 32 Unit Cost (FIFO) $ 40 31 Total Write- down per Item Quantity on Hand 40 31 15 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 34 90 40 20 20 85 24 20 35