Peterson Furniture Designs is preparing the annual financial statements datedDecember 31. Ending inventory information about the five major items stocked forregular sale follows:E7-11 Part 22. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down itsinventory to LCM/NRV. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction listJournal entry worksheet1>Record inventory write down to LCM/NRV.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31 Complete the table column "Write-Down per Item" and then sum the final column.NRV perItemQuantityon Hand70 $Unit CostWrite-downTotal Write-downItem(FIFO)per ItemAlligator ArmoiresBear Bureaus$60 $55 $553,850452,0251,200454545Cougar Credenzas24302450Dingo CribsElephant Dressers383838401,5204537$3765$2,405%24

Journal entries are prepared to record the financial and non-financial transactions of the business…

Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost NRV per Write-down Quantity on Hand Total Write- Item (FIFO) Item per Item down Alligator Armoires Bear Bureaus 60 $ 55 $ 55 70 $ 3,850 45 45 45 45 2,025 Cougar Credenzas 24 30 24 50 1,200 Dingo Cribs 38 38 38 40 1,520 Elephant Dressers 45 37 $ 37 65 $ 2,405

Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost NRV per Write-down Quantity on Hand Total Write- Item (FIFO) Item per Item down Alligator Armoires Bear Bureaus 60 $ 55 $ 55 70 $ 3,850 45 45 45 45 2,025 Cougar Credenzas 24 30 24 50 1,200 Dingo Cribs 38 38 38 40 1,520 Elephant Dressers 45 37 $ 37 65 $ 2,405

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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