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

See similar textbooks

Similar questions

Please do not give solution in image format thanku
tps://ezto.mheducation.com/ext/map/index.h Saved Required information [The following information applies to the questions displayed below.] Scavenger Company, a manufacturer of recycling bins, began operations on January 1 of the current year. During this time the company produced 60,000 units and sold 55,000 units at a sales price of $15 per unit. Cost information for this year is shown in the following table: Production costs $ 2.50 per unit Direct materials Direct labor $ 3.00 per unit $ Variable overhead Fixed overhead 0.75 per unit $240,000 in total Non-production costs Variable selling and administrative Fixed selling and administrative $ 10,000 in total $50,000 in total Given the Scavenger Company data, what is net income using absorption costing? Multiple Choice < Prev 5 of 7 #
Radakrishnan Corporation begins business in 20X5, decides to use LIFO costing, and makes the following purchases in 20X5: Purchase Date Units Purchased February 12 May 4 July 18 September 11 November 1 December 8 Total AO B 600 C 2,300 2,900 2,200 $128,423 4,800 $112,874 1,100 13,900 $122,481 Unit Cost $105,741 $32 $34 $35 $38 $40 $44 Total Cost $19,200 Radakrishnan's 20X5 year-end physical count yields 4,600 units, and its 20X6 physical count yields 3,100 units. What is Radakrishnan's 20X6 ending inventory? When calculating the cost per unit, round the calculated result to two decimal places (for example, $30.10). 78,200 101,500 83,600 192,000 48,400 $522,900
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Question 1 1-pts You own Souvenir Gallore, a souvenir shop on Lane Avenue. You would like to do an ABC analysis based on annual dollar usage. You sell the following list of retail items in your store. Annual demand Items Unit cost (units) Greeting cards 10,000 $1.50 Key chains 975 $15.50 Candleholders 700 $35.00 Caps 775 $19.50 Calendars 350 $32.00 Watches 380 $25.00 The annual dollar usage of watches is $ and the ABC class that watches belong to is G Search or type URL 23 2$ & 3 7 8. E R T Y U < CO
Please do not give solution in image format thanku
kau.3
Final Exam Units Unit You sell 100 units in $2.00 June. Calculate the cost of goods sold using last-in, first-out. Received Cost June 4 70 June 11 30 $3.00 June 18 60 $2.10 June 25 40 $2.40 A. $2.22 B. $2.10 C. $2.30 D. $2.26 21 Acellus Corporation. All Rights Reserved.
Room Revenue Transient Rooms Sold Group Rooms Sold Total Rooms Sold Operating Expenses Linen Cleaning Supplies Guest Supplies Outside Services Laundry Concierge Expense Office Supplies Reservation Expenses Reservation $150,000 Fixed Res Center Cost $180,000 Variable Reser. Center Department Cost at $6 per transient res. Total Reservation Expense 83,730 16,270 100,000 All other Expense $251,200 Total Operating Expenses Total Operating Expense Percentage $31,100 $24,000 $104,800 $24,000 $80,500 $60,000 $19,200 $581,200 $120,000
Help please
Can you show me how to work this prob