E7-13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] 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: 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 Req 1B Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost Item (FIFO) NRV per Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 60 $ 52 10 Bear Bureaus 53 53 85 Cougar Credenzas 21 23 75 Dingo Cribs 20 20 90 Elephant Dressers 39 36 70 < Req 1A Req 1B >

E7-13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] 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: 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 Req 1B Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost Item (FIFO) NRV per Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 60 $ 52 10 Bear Bureaus 53 53 85 Cougar Credenzas 21 23 75 Dingo Cribs 20 20 90 Elephant Dressers 39 36 70 < Req 1A Req 1B >

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Description: E7-13 (Algo) Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4]Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about thefive major items stocked for re

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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