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. Reg 1A Reg 18 Reg 2 Complete the table column "Write-Down per Item" and then sum the final column. NRV per Item Quantity on Hand 15 50 Total Write down 5 90 Unit Cost Write-down (FIFO) Hem per item $ 30 $ 245 G 37 37 0 37 30 30 0 32 30 2 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Bophant Dresses 0 75 351s US TO 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 LCH Complete this question by entering your answers in the tabs below. Req 1A Reg 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 Reg 1A Reg 1B Reg 2 Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no antry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal entry worksheet Debit Credit So Date General Journal December 31 Cost of Goods Sold Inventory