Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the 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/NRV Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost (FIFO) NRV per Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 50 $ 46 15 Bear Bureaus 21 21 85 Cougar Credenzas 39 42 20 Dingo Cribs 42 42 15 Elephant Dressers 34 28 50 Req 1A Req 1B >

Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the 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/NRV Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost (FIFO) NRV per Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 50 $ 46 15 Bear Bureaus 21 21 85 Cougar Credenzas 39 42 20 Dingo Cribs 42 42 15 Elephant Dressers 34 28 50 Req 1A Req 1B >

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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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 Quantity Item on Hand Unit Cost When Acquired Net Realizable LC&NRV Total (FIFO) Value at Year-End per Item LC&NRV Alligator Armoires 65 $ Bear Bureaus 90 Cougar Beds 25 65 Dingo Cribs 45 45 Elephant Dressers ག གི གི ག | 30 $ 55 475 25 25672 55 45 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
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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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