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Required information E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value (LO 7.4) (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: E7-11 Part 1 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. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B NRV per Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost Write-down Quantity Total Write- (FIFO) Item per Item on Hand down Alligator Armoires 20 $ 13 95 Bear Bureaus 53 53 80 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. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Complete the table column "Write-Down per Item" and then sum the final column. NRV per Write-down per Item Quantity on Hand Total Write- down Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Unit Cost (FIFO) Item $ 20 $ 13 53 53 50 57 36 36 37 32 15 35 Reg 1A Reg 1B > E7-11 Part 1 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. Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write down