Answered: 1a) Complete the table column “write…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1a) Complete the table column “write down per item” and then sum the final column 1b) 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 31st to write down its inventory to LCM/ NRV THANK YOU IN ADVANCE

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
Item
Alligator Armoires
Bear Bureaus
Req 1B
Complete the table column "Write-Down per Item" and then sum the final column.
Quantity on
NRV per
Item
Write-down
per Item
Hand
Cougar Credenzas
Dingo Cribs
Elephant Dressers
Req 2
Unit Cost
(FIFO)
$
30
59
40
39
32
$
27
59
42
39
28
Reg 1A
WWW
35
15
75
75
45
Total Write-
down
Req 1B >

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