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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SE7-8. Inventory Costing Methods and the Periodic Method Lambeth Company experienced the fol- lowing events in January: Unit Cost Date Event Units Total Cost Jan. 10 Purchased inventory. Purchased inventory. 100 $12 $1,200 Jan. 20 200 14 2,800 Jan. 30 Sold inventory. 150 If the Lambeth Company uses the FIFO inventory costing method, calculate the company’s cost of goods sold and its ending inventory as of January 31 assuming the periodic method.
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