Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information about thefive major items stocked for regular sale follows:Required:1-a. Complete the final two columns of the table.Ending InventoryQuantityItemon HandUnit CostWhenAcquiredNetRealizableLC&NRVTotal(FIFO)Value atYear-Endper ItemLC&NRVAlligator Armoires65 $Bear Bureaus90Cougar Beds2565Dingo Cribs4545Elephant Dressersག གི གི ག |30 $5547525256725545211-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item.Ending inventory

Name: Peterson Furniture Designs is preparing its annual financial statemen
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Description: Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information about thefive major items stocked for regular sale follows:Required:1-a. Complete the final two columns of the table.Ending Inven

According to LC NRV rule the inventory of an organization must be valued at its cost or the net…

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Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the final two columns of the table. Ending Inventory Unit Cost Quantity Item on Hand When Acquired Net Realizable Value at LC&NRV per Item Total LC&NRV (FIFO) Year-End Alligator Armoires 65 $ 30 $ 27 Bear Bureaus 90 55 55 Cougar Beds 25 65 67 Dingo Cribs 45 45 45 Elephant Dressers 475 25 21 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending inventory

Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the final two columns of the table. Ending Inventory Unit Cost Quantity Item on Hand When Acquired Net Realizable Value at LC&NRV per Item Total LC&NRV (FIFO) Year-End Alligator Armoires 65 $ 30 $ 27 Bear Bureaus 90 55 55 Cougar Beds 25 65 67 Dingo Cribs 45 45 45 Elephant Dressers 475 25 21 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending inventory

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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1a) Complete the table column “write down per item” and then sum the final column 1b) 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 31st to write down its inventory to LCM/ NRV THANK YOU IN ADVANCE
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