Peterson Furniture Designs is preparing the annual financial statements dated December 31, Ending inventory information ab 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/N Complete this question by entering your answers in the tabs below. Req 1A Req 2 Complete the table column "Write-Down per Item" and then sum the final column. NRV per Unit Cost (FIFO) Write-down per Item Item $ Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Req 18 25387 40 31 34 20 24 $ 25988 32 31 40 20 20 Reg 1A Quantity on Hand 40 15 90 85 35 Total Write- down Req 18 >

Peterson Furniture Designs is preparing the annual financial statements dated December 31, Ending inventory information ab 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/N Complete this question by entering your answers in the tabs below. Req 1A Req 2 Complete the table column "Write-Down per Item" and then sum the final column. NRV per Unit Cost (FIFO) Write-down per Item Item $ Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Req 18 25387 40 31 34 20 24 $ 25988 32 31 40 20 20 Reg 1A Quantity on Hand 40 15 90 85 35 Total Write- down Req 18 >

Name: Peterson Furniture Designs is preparing the annual financial statemen
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Description: Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about thefive major items stocked for regular sale follows:Required:1-a. Complete the table column "Write-Down per Item" and then

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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