HW 07B with Hints Saved Help Save & Exit Submit Check my work 2. 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: 33.33 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 References 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. NRV per Item Unit Cost (FIFO) S 20 Write-down per Item Quantity on Hand Total Write- down Item S 18 90 40 40 60 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 54 62 100 34 34 10 36 30 80