Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about...

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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 18 Req 21 Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost NRV per Item (FIFO) Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 40 $ 32 40 Bear Bureaus 31 31 15 Cougar Credenzas 34 40 90 Dingo Cribs 20 20 85 Flenhant Dressers 24 20 35 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 18 Req 21 Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost NRV per Item (FIFO) Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 40 $ 32 40 Bear Bureaus 31 31 15 Cougar Credenzas 34 40 90 Dingo Cribs 20 20 85 Flenhant Dressers 24 20 35