Record inventory write down to LCM / NRV. The second image has my wrong answer in the journal entry. 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 downComplete this question by entering your answers in the tabs below.Req 1Ato searchPrepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventis required for a transaction/event, select "No Journal Entry Required" in the first account field.)View transaction listReq 1B<Journal entry worksheet1Record inventory write down to LCM/NRV.Note: Enter debits before credits.Req 2DateDecember 31 InventoryRecord entry91General JournalInventory-Estimated ReturnsClear entryDebit180105huluCredit180105View general journal< Prev5 of 5 Spring 2 xto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%2Question 5 - Chapter 7 Homewo X +Austin Utilities G Texas Gas Service ActiveBuilding canvas Self-Service : Financ... qmst hw Portal ba 2310ework iE7-13 (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 informationfive major items stocked for regular sale follows:Required:Complete this question by entering your answers in the tabs below.Req 1A1-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 LCMReq 1BItemAlligator ArmoiresBear BureausCougar CredenzasDingo CribsElephant DressersComplete the table column "Write-Down per Item" and then sum the final column.NRV per Write-downQuantity onHandItemper ItemReq 2Unit Cost(FIFO)$3059403932$27 $59423928 $< Req 1A30004Total Write-down3515757545 $$Req 1B >1050Saved00180< Prev2015 CHE5 of 5WNext

Name: Record inventory write down to LCM / NRV. The second image has my wron
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Record inventory write down to LCM / NRV. The second image has my wrong answer in the journal entry. 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

Inventory Valuation - At the end of the year, the inventory shall be valued at cost or market value,…

Business

Accounting

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 informa ive major items stocked for regular sale follows: Required: -a. Complete the table column "Write-Down per Item" and then sum the final column. -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 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Complete the table column "Write-Down per Item" and then sum the final column. NRV per Item Write-down per Item $ Req 2 Unit Cost (FIFO) $ 354 30 $ 59 40 38 39 32 27 59 42 39 28 $ < Req 1A 3 0 0 0 4 Quantity on Hand Total Write- down 35 15 75 75 45 $ $ Req 1B > 105 0 0 180

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 informa ive major items stocked for regular sale follows: Required: -a. Complete the table column "Write-Down per Item" and then sum the final column. -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 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Complete the table column "Write-Down per Item" and then sum the final column. NRV per Item Write-down per Item $ Req 2 Unit Cost (FIFO) $ 354 30 $ 59 40 38 39 32 27 59 42 39 28 $ < Req 1A 3 0 0 0 4 Quantity on Hand Total Write- down 35 15 75 75 45 $ $ Req 1B > 105 0 0 180

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

Explain the purpose of the Allowance for Overvaluation of Inventories: Branch ledger account and the typical journal entries in the account.
Instructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry. You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them. Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…
Select the best answer for the question. Utilize Set 2 from the following PDF to answer this question: http://lessons.pennfoster edu/pdf/061006_Exam_Tables.pdf 4. Which one of the following statements is true for the ending inventory balance? *. O A. It will appear as a debit in the Adjusted, Trial Balance column. B. It will appear as a credit in the Balance Sheet column OC. It will appear as a credit in the Income Statement column. OD. It will appear as a debit in the Trial Balance column. O Mark for review (Will be highlighted on the review page) >
Which type of inventory might a service provider report? Select one: O O O O a. raw materials b. work-in-process c. finished goods d. two or more of a, b, and c. e. a service provider never reports inventory Check
Subject: acounting
I am having troubke understanding how to find the ending inventory. Would you mind helping me with that?
Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) a (Click the icon to view the transactions.) Purchases Journal Page 6 Other Accounts DR Vendor Post. Accounts Merchandise Office Account Post. Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title Ref. Amount 2024 Oct. More Info Oct. 1 Purchased merchandise inventory on account with credit terms of 2/10, n/30 from Milk Co., $2.700, Oct. 11 Purchased office supplies on account from Book Co., $400. Terms were n/EOM. Oct. 24 Purchased furniture on account with credit terms of 4/10, n/60 from Slip Co., $1,600. Print Done
When using QBO time tracking, you can record: Multiple Choice Time billable to a specific vendor Time billable to a specific customer How many shipments of inventory items were received Number of purchase orders from each supplier
The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above
S1: When you post an inventory transfer from warehouse 02 to warehouse 01, the system creates an inventory transfer document and a journal entry. S2: Missing inventories due to warehouse theft increases the stock quantities Only S1 is incorrect Both statements are incorrect Only S1 is correct Both statements are correct
need answer for all requirements or skip/leave if you can't answer all. answer in detail with steps answer in text
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)