can some please help with this review accounting question Peterson Furniture Designs Is preparing Its annual financlal statements dated December 31. Ending Inventory Informatlon about thefive major Items stocked for regular sale follows:Required:1-a. Complete the final two columns of the table.Ending InventoryUnit CostWhenAcquired(FIFO)50 S 15 S.NetRealizableValue atYear-EndItemLC&NRVTotalon Handper Item UC&NRVAlligator Armoires12Bear Bureaus754040Cougar Beds105052Dingo CribsElephant Dressers303030400109.1-b. Compute the amount that should be reported for the ending Inventory using the LC&NRV rule applied to each item.Ending inventory2 Prepare the Journal entry that Peterson Furniture Deslgns would record on December 31. (If no entry Is required for atransaction/event, select "No Journal entry required" In the first account field.)Mew transaction letJournal entry worksheetRecord the write-down in inventory.INote Enter debits beore ered coGeneral JounmalDebitCreditTansaction券

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

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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