5 Check my work 5 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. 20 points Complete this question by entering your answers in the tabs below. eBook Reg 1A Req 1B Reg 2 Hint Complete the table column "Write-Down per Item" and then sum the final column. Print References Item Unit Cost (FIFO) $ 20 NRV per Item $ 13 Write-down per Item Quantity on Hand 100 Total Write- down Alligator Armoires Bear Bureaus 56 56 100 36 39 85 Cougar Credenzas Dingo Cribs Elephant Dressers 37 25 37 18 60 35 Check my work 5 is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 20 points Journal entry worksheet 1 > eBook Hint Record inventory write down to LCM/NRV. Print References Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Check my work UT E7-13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) 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: 20 points Required: eBook 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. Hint Print Complete this question by entering your answers in the tabs below. References Req 1A Req 1B Reg 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down