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.

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. Req 1A Req 1B Reg 2 Complete the table column "Write-Down per Item" and then sum the final column. Item Total Write- Unit Cost (FIFO) $ 60 NRV per Item Write-down per Item Quantity on Hand 70 down $ 55 45 45 45 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 24 30 50 38 38 40 45 37 65