[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: 5. value 0.85 points Required: 1-a. Complete the two columns of the table Item Total LCM Recorded Total Cost $ Aligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Quantity Unit Cost When Market Value LCM per on Hand Acquired (FIFO) at Year-End Item 60 s 30 $ 25 80 75 75 25 95 97 55 55 55 510 35 32 1.800 6.000 2.375 3,025 17.850 1-b. Compute the amount that should be reported for the ending inventory using the LCM rule applied to each item Ending Inventory 6. Value: 0.85 points 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31 to write-down its inventory to LCM. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > Record inventory write down to LCM. Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general journal