Peterson Furniture Designs Is preparing Its annual financlal statements dated December 31. Ending Inventory Informatlon 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 When Acquired (FIFO) Net Realizable Value at Year-End Quantity on Hand LC&NRV per Item Total LC&NRV Item Alligator Armoires 50 S 15 $ 12 Bear Bureaus 75 40 40 Cougar Beds Dingo Cribs 10 50 52 30 30 30 Elephant Dressers 400 10 1-b. Compute the amount that should be reported for the ending Inventory using the LC&NRV rule applled to each Item. Ending inventory 2 Prepare the Journal entry that Peterson Furniture Designs would record on December 31. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction llet Journal entry worksheet A Record the write-down in inventory. Note: Enter debits before credits. Debit Credit Transaction General Joumal
Peterson Furniture Designs Is preparing Its annual financlal statements dated December 31. Ending Inventory Informatlon 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 When Acquired (FIFO) Net Realizable Value at Year-End Quantity on Hand LC&NRV per Item Total LC&NRV Item Alligator Armoires 50 S 15 $ 12 Bear Bureaus 75 40 40 Cougar Beds Dingo Cribs 10 50 52 30 30 30 Elephant Dressers 400 10 1-b. Compute the amount that should be reported for the ending Inventory using the LC&NRV rule applled to each Item. Ending inventory 2 Prepare the Journal entry that Peterson Furniture Designs would record on December 31. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction llet Journal entry worksheet A Record the write-down in inventory. Note: Enter debits before credits. Debit Credit Transaction General Joumal
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...
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can some please help with this review accounting question

Transcribed Image Text:Peterson Furniture Designs Is preparing Its annual financlal statements dated December 31. Ending Inventory Informatlon 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
When
Acquired
(FIFO)
50 S 15 S.
Net
Realizable
Value at
Year-End
Item
LC&NRV
Total
on Hand
per Item UC&NRV
Alligator Armoires
12
Bear Bureaus
75
40
40
Cougar Beds
10
50
52
Dingo Cribs
Elephant Dressers
30
30
30
400
10
9.
1-b. Compute the amount that should be reported for the ending Inventory using the LC&NRV rule applied to each item.
Ending inventory
2 Prepare the Journal entry that Peterson Furniture Deslgns would record on December 31. (If no entry Is required for a
transaction/event, select "No Journal entry required" In the first account field.)
Mew transaction let
Journal entry worksheet
Record the write-down in inventory.
INote Enter debits beore ered co
General Jounmal
Debit
Credit
Tansaction
券
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